Nigeria’s Pension Assets Cross ₦25trn as PenCom Rolls Out New Reforms

The Director-General of the National Pension Commission (PenCom), Ms Omolola Oloworaran

Nigeria has achieved another major financial milestone as its pension assets have now surpassed ₦25 trillion, according to the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran. The development signals a new chapter in the nation’s pension reform journey, underscoring the growing strength and reliability of the Contributory Pension Scheme (CPS).

Speaking at a Sensitization Workshop on the Workings of the Contributory Pension Scheme (CPS) for pensioners from across the North-West geopolitical zone, held in Kano State, Oloworaran said the remarkable growth in pension assets has continued to drive economic development through strategic investments in critical sectors.

The event, jointly organized by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), brought together pension operators, civil servants, organized labour representatives, and media professionals to foster dialogue on enhancing pension awareness and protecting the dignity of retirees.

Represented by the Commissioner, Technical, PenCom, Mr. Hafiz Kawu Ibrahim, Oloworaran described the CPS as one of Nigeria’s most successful social security reforms since its introduction two decades ago. She said the scheme has transformed the pension landscape, replacing a chaotic and debt-laden system with one built on transparency, accountability, and sustainability.

“Today, over 10 million Nigerians across the public and private sectors, including artisans and self-employed persons under the Personal Pension Plan, are covered under the CPS,” Oloworaran stated.

She noted that the pension fund, which now stands at over ₦25 trillion, is being strategically utilized to support national development, including funding infrastructure projects, housing, and long-term investments that promote economic growth.

According to her, more than 552,000 retirees now receive regular monthly pensions, while 291,735 retirees have accessed their lump-sum benefits. In total, over 844,000 retirees across both public and private sectors enjoy reliable and consistent pension payments.

Oloworaran also highlighted key initiatives under the commission’s ongoing reform framework, “Pension Revolution 2.0,” aimed at modernizing the system and improving retirees’ welfare.

Among the notable reforms are:

• Enhancement of pensions for over 241,000 retirees, representing 80% of those under the programmed withdrawal system, increasing monthly payments from ₦12.15 billion to ₦14.83 billion effective June 2025.
• Introduction of a zero waiting time policy for pension payments.
• Reintroduction of gratuity for civil servants to provide additional financial cushion at retirement.
• Issuance of Federal Government bonds to settle outstanding pension liabilities.
• Enforcement of new prudential and governance standards for Pension Fund Administrators (PFAs) and Custodians (PFCs).

The PenCom DG further disclosed that five new regulatory instruments have been introduced to strengthen oversight and accountability within the pension system. These include:

1. Whistle-blowing guidelines for pension fund assets.
2. Revised regulations on investment of pension fund assets.
3. Framework for accredited pension agents under the Personal Pension Plan.
4. Updated guidelines for the Personal Pension Plan.
5. Circular on revised minimum capital requirements for PFAs and PFCs.

In addition to financial reforms, Oloworaran announced that PenCom will soon roll out a Free Health Insurance Scheme for Retirees, beginning with pensioners in lower-income categories. The initiative, she said, will ensure “dignity and security beyond financial pensions,” enabling retirees to access basic healthcare without financial strain.

While celebrating the commission’s achievements, Oloworaran acknowledged ongoing challenges such as limited compliance by some state governments and private sector employers who are yet to fully implement the CPS.

“Reform is a continuous journey,” she said. “Our ultimate goal is to protect every contributor, deepen pension inclusion, and guarantee dignity in retirement for all Nigerians.”

The workshop was attended by officials from the Federal Ministry of Finance, Budget Office of the Federation, Office of the Accountant-General of the Federation, National Orientation Agency (NOA), and representatives of pension unions and retirees across the North-West.

Observers at the event described the ₦25 trillion milestone as a clear indicator that Nigeria’s pension system has matured into one of the strongest in Africa, providing both security for workers and a sustainable investment vehicle for national development.

As PenCom continues to expand the CPS and introduce new welfare initiatives, experts believe the pension sector will play an increasingly vital role in achieving President Bola Tinubu’s $1 trillion economy vision, with pensions serving as a stabilizing force for national growth.

Nigeria’s pension assets have surpassed ₦25 trillion, marking a new era in retirement security. PenCom DG Omolola Oloworaran unveils key reforms under “Pension Revolution 2.0” to boost retiree welfare, launch free health insurance, and expand pension coverage nationwide.