The National Pension Commission (PenCom) has approved a massive upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), raising total monthly payments from N12.56 million to N159.95 million.
In a statement on Wednesday, PenCom said the adjustment represents an unprecedented 1,173% increase in monthly pension payouts, marking the first enhancement for NSITF retirees in 21 years.
The payments were approved by PenCom Director-General Ms. Omolola Oloworaran, who has spearheaded landmark reforms transforming Nigeria’s Contributory Pension Scheme. The adjustment addresses long-standing disparities and restores the value of benefits in line with statutory provisions and current economic conditions.
As part of the enhancement, the 2,116 retirees received N8.70 billion in pension arrears, averaging about N3 million per retiree. In a highlighted example, a retiree’s monthly pension was raised from N18,000 to N206,000, with over N8 million paid as arrears.
PenCom noted that the reforms aim to secure retirees’ welfare, restore dignity, and ensure sustainable pension administration across the country.
