The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced that monthly pension payments surged to ₦14.837 billion in June 2025 following the rollout of the Commission’s Pension Boost 1.0 initiative.
Gatekeepers News reports that Oloworaran made this known in Abuja on Thursday at a Stakeholders’ Conference jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC). The forum focused on deepening public understanding of the Contributory Pension Scheme (CPS).
Represented by PenCom’s Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, the DG said Pension Boost 1.0 has enhanced payments for over 241,000 retirees, representing 80% of those under Programmed Withdrawal.
“Monthly pensions rose from ₦12.157 billion to ₦14.837 billion, effective June 2025,” she said.
Pension Coverage and Assets
Oloworaran noted that the CPS now covers over 10 million Nigerians, spanning public service workers, private sector employees, and self-employed individuals under the Personal Pension Plan.
She disclosed that pension fund assets have grown beyond ₦25 trillion, with strategic investments driving national development. Currently, the Commission secures monthly pensions for 552,000 retirees and lump-sum benefits for 291,735 others, bringing total beneficiaries to over 844,000 retirees nationwide.
To strengthen the system, PenCom has revised minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians. The DG also unveiled five new regulations under the Pension Revolution 2.0 initiative, including:
• Whistleblowing Guidelines for Pension Fund Assets
• Revised Regulation on Investment of Pension Fund Assets
• Framework for Accredited Pension Agents under the Personal Pension Plan
• Guidelines for the Personal Pension Plan
• Circular on Revised Minimum Capital Requirements for PFAs and PFCs, plus the introduction of free health insurance for retirees
Challenges and Next Steps
Despite these achievements, Oloworaran admitted that gaps remain.
“Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system,” she said, adding that some states and employers still fail to fully comply with CPS provisions.
To address this, PenCom will embark on nationwide sensitization workshops across all six geopolitical zones to improve awareness and participation. The Commission also plans to diversify pension asset investments, strengthen governance, and expand coverage, especially within the informal sector.
Stakeholders’ Input
NSIWC Chairman, Ekpo U. O. Nta, Esq., stressed the link between effective pension management and workplace productivity.
On his part, Nigerian Union of Pensioners Chairman, Comrade Sylva Nwaiwu, urged authorities to review policies that discourage participation in CPS and called for stronger political will to ensure fair implementation.
Background
In June 2025, PenCom had first unveiled Pension Boost 1.0 during its second-quarter media briefing in Lagos. At the time, DG Oloworaran said the initiative had raised monthly disbursements from ₦8.3 billion to ₦11.9 billion, describing it as a milestone supported by strong RSA investment returns and reforms under President Bola Tinubu’s administration.
She explained that the increase was driven by PenCom’s updated Standard Pension Enhancement Template, which aligns pension adjustments with fund performance.
