The National Pension Commission, PenCom, has said no fewer than 844,000 retirees from both the public and private sectors are currently enjoying steady, reliable, and transparent retirement benefits under the Contributory Pension Scheme, CPS.
The Director-General of PenCom, Ms. Omolola Oloworaran, disclosed this on Friday in Kano during a sensitisation workshop on the operations of the Contributory Pension Scheme for pensioners across the six geo-political zones.
The event was jointly organised by the Commission and the National Salaries, Incomes and Wages Commission, NSIWC.
Oloworaran said PenCom remained committed to ensuring that contributors and retirees under the scheme receive their benefits promptly and in full compliance with the provisions of the Pension Reform Act 2014.
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Represented by the Commissioner, Technical Department, Hafizu Kawu, she explained that the CPS had continued to demonstrate sustainability and resilience since its inception, adding that pension assets had grown to over N25 trillion as of September 2025. According to her, the funds are being strategically invested across key sectors of the economy to promote national development while ensuring the safety and growth of contributors' savings.
She revealed that the CPS now covers more than 10 million Nigerians, including public sector employees, private sector workers, artisans, and self-employed individuals under the Micro Pension Plan.
Oloworaran noted that pension assets exceeding N25 trillion had fueled national development through strategic investments while providing regular monthly pensions to over 552,000 retirees and lump-sum benefits to 291,735 others.
"In total, more than 844,000 retirees across both the public and private sectors now enjoy steady, reliable, and transparent retirement benefits," she said.
She further explained that, in addition to monthly pensions, lump-sum benefits had been paid to hundreds of thousands of retirees who exited the scheme in accordance with regulations.
The Director-General also highlighted recent interventions by PenCom under the Pension Revolution 2.0 initiative aimed at improving retirees' welfare.
"They include Pension Boost 1.0, which raised monthly pensions for over 241,000 retirees--representing 80 per cent of those under the programmed withdrawal option--with total monthly payments increasing from N12.15 billion to N14.83 billion, effective June 2025," she said.
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Oloworaran also announced the approval of a N758 billion Federal Government bond by President Bola Tinubu to clear outstanding pension liabilities, including arrears of pension increases dating back to 2007.
She commended President Tinubu for the approval, describing it as a bold and compassionate step that would bring relief to vulnerable pensioners and restore confidence in the pension system.
The Director of Compensation, National Salaries, Incomes and Wages Commission, NSIWC, Mr. Akin Abe, reaffirmed the Commission's commitment to ensuring fair and regular pension adjustments in line with government policies and prevailing economic realities.
Abe said the Commission had issued several circulars to address complaints from retirees and stakeholders while working with the Budget Office to ensure prompt and full payment of entitlements.
He added that efforts were ongoing to harmonise pensions and address disparities among different categories of retirees.
Also speaking, the National Chairman of the National Union of Contributory Pensioners, Mr. Sylva Nwaiwu, called for greater public awareness and understanding of the Contributory Pension Scheme.
He said the CPS, introduced in 2004, had continued to ensure the safety of pension funds and improve retirees' welfare, adding that the ongoing zonal workshops were designed to correct misconceptions and promote transparency in pension administration.
