The National Pension Commission (PenCom) has revealed that more than 844,000 retirees across Nigeria’s public and private sectors currently enjoy steady, reliable, and transparent retirement benefits under the Contributory Pension Scheme (CPS).
The Director General of PenCom, Ms. Omolola Oloworaran, made this known at a pension workshop held in Lagos, where she described the Pension Reform Act of 2004, amended in 2014, as one of the most transformative policies in Nigeria’s history.
According to her, the reform has permanently resolved the issue of unpaid pensions and restored confidence in the nation’s retirement system.
“Over the last two decades, the Contributory Pension Scheme has rewritten Nigeria’s pension story,” Oloworaran said. “We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.”
She explained that over 10 million Nigerians, including public servants, private sector workers, artisans, and self-employed individuals under the Micro and Personal Pension Plans, are now covered under the scheme.
Oloworaran further disclosed that pension assets have grown to over N25 trillion, which are being strategically invested to support national development, while also guaranteeing regular monthly pensions for more than 552,000 retirees and lump-sum benefits for 291,735 others.
She reaffirmed PenCom’s commitment to strengthening the CPS framework to ensure that every contributor enjoys a secure and dignified retirement.
