Director General of National Pension Commission (PenCom), Omolola Oloworaran, says the pension system is making history under President Bola Tinubu with seven major reforms delivered in just over two years.
Speaking Tuesday at the 2026 PenCom Conference for journalists in Abuja, Oloworaran said the theme of conference “Reform to Reality” is now reality for ordinary Nigerian retirees.
The Conference provided an important platform for knowledge sharing, professional development and stronger collaboration between the pension industry and the media.
The DG said for the first time under the Contributory Pension Scheme (CPS) retirees received across board increases through Pension Boost 1.0 which raised monthly pensions for more than 241,000 retirees from N12.15 billion to N14.83 billion, with some low level retirees seeing up to 100 percent increase.
She also said for the first time in 21 years pensions of NSITF retirees have been reviewed, delivering a 1,173 percent increase with combined monthly pensions for 2,168 retirees rising from N12.56 million to N159.95 million and arrears of N8.7 billion paid in full.
According to her, the Federal Government has cleared pension liabilities inherited since 2007 after President Tinubu approved N758 billion intervention, with payments reaching 957,000 beneficiaries.
Other milestones listed include zero waiting time policy where federal retirees now receive pensions immediately after retirement and accrued rights credited up to December 2029 through verification exercise, approval of retirement benefits now in 48 hours against former 21 months and introduction of exit benefits scheme since January 1, 2026 where eligible Treasury funded MDAs employees with at least 10 years service receive 100 percent of total annual emolument on top of normal pension.
Oloworaran disclosed that the first set of 175 retirees received about N1.1 billion in August under the exit scheme.
She said PenCom has also built a national distribution framework for the informal sector through accredited pension agents and announced that two more historic programmes will be launched during National Pension Week from October 26 to 30, 2026.
The programmes are PenCare retiree health programme to give 30,000 low income retirees free health care at start and minimum pension guarantee to set floor below which no eligible CPS retiree will fall.
She said pension assets rose from N20.7 trillion in July 2024 to N31.48 trillion in June 2026 representing over N10.7 trillion new retirement wealth while 938,229 Nigerians joined the scheme within the period.
She warned employers that deduction of pension without remittance is a breach of law, noting that cumulative recoveries from defaulting employers now stand at N36.6 billion as of July 2026.
She also said the Pension Industry Leadership Council approved an independent assessment of industry maturity and endorsed the first $250 million pension industry infrastructure fund with $200 million from operators and $15 million from government finance institutions.
Speaking on behalf of Pension Fund Administrators (PFAs), the Managing Director and Chief Executive Officer of Access ARM Pensions, Sa’adu Jijji, thanked the DG PenCom for the strategic reforms introduced to reposition the industry.
He pledged the operators’ commitment to the full implementation of all the commission’s initiatives for the benefit of retirees.
In a goodwill message, President of Pension Correspondents Association of Nigeria Dr Nana Musa commended PenCom for the platform and urged journalists to deepen their knowledge of pension reporting.
Dr. Musa, who was represented by the association’s Treasurer, Oluwakemi Kindness, underscored the need for accurate, balanced and responsible reporting to help Nigerians understand pension policies, their retirement benefits and the reforms that shape their financial security.
“As pension correspondents, we have a responsibility to go beyond reporting announcements,” she said. “We must explain policies clearly, ask relevant questions and hold public attention on issues that affect pension contributors, retirees and the sustainability of the pension system.”
She pledged the association’s commitment to promoting responsible pension journalism and strengthening the relationship between the media and pension industry stakeholders.
“We believe that sustained collaboration, transparency and access to credible information are essential to building public confidence in the pension system,” she added.
