National Pension Commission (PenCom) has revealed that Nigeria’s pension assets under management exceeded N23 trillion as of February 2025.
Gatekeepers News reports that Omolola Oloworaran, director-general (DG) of PenCom, made the revelation on Wednesday in Kano, during the first run 2025 consultative forum for states and Federal Capital Territory (FCT).
Oloworaran noted that PenCom recovered N1.58 billion from defaulting employers through enhanced enforcement efforts, adding that state remittances have improved, indicating greater adoption of the Contributory Pension Scheme (CPS).
Despite the progress, she said only 25 states and the FCT have enacted CPS laws. Six states are operating hybrid schemes, while another six have proposed bills at advanced stages of legislation. Full CPS implementation is currently limited to just eight states.
She said, “Six states operate hybrid schemes, while another six have bills at advanced legislative stages.”
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states.”
To bridge the gap, Oloworaran said PenCom introduced a flexible adoption model that allows states to commence implementation with new employees or those with less than 10 years of service.
She added that the commission is offering technical assistance to help states in planning legacy liabilities and transition their entire workforce in a way that ensures long-term financial sustainability.
The DG said, “With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal.”
Describing the forum as more than a routine meeting, she said it is a call to collective action and urged participants to share ideas and commit to building an inclusive pension system.
Also speaking, Abdullahi Musa, head of service in Kano, reaffirmed the state’s commitment to ongoing pension reforms.
Musa commended PenCom for its role in promoting best practices and described the forum as a platform for dialogue, peer learning, and policy development.
Musa noted that under Governor Abba Kabir Yusuf, Kano had made strides in restructuring its pension system, particularly by adopting a hybrid model that blends the Defined Benefits Scheme with CPS.
According to him, the state government has so far cleared N16 billion in pension arrears, representing 40 per cent of the liabilities left by past administrations.
