By Abdullahi Jalalludeen
The National Pension Commission (PenCom) has announced that pension assets under the Contributory Pension Scheme (CPS) have risen to over N25 trillion, with the funds strategically invested across key sectors of the Nigerian economy.
Director General of PenCom, Omolola Oloworaran, made this known during a two-day sensitization workshop held in Kano for employees, pension desk officers and pensioners from Federal Government treasury-funded Ministries, Departments and Agencies.
She said the workshop was designed to enhance understanding of the CPS and ensure sustained compliance among stakeholders.
Represented by the Commissioner, Technical, Mohammad Ibrahim Hafiz Kawu, the Director General noted that the CPS has transformed Nigeria’s pension landscape by restoring transparency, accountability and sustainability.
She said the reform has eliminated the era when retirees waited endlessly for their entitlements.
Oloworaran disclosed that the scheme now covers more than 10 million Nigerians across the public and private sectors, including self-employed individuals participating through the Micro Pension Plan.
She maintained that more than 552,000 retirees currently receive monthly pension payments, while 291,735 have collected their lump-sum benefits, bringing the total number of beneficiaries to over 844,000 nationwide.
She noted that PenCom has introduced key initiatives to enhance benefits, including the Pension Boost 1.0, which has increased pensions for over 241,000 retirees.
Oloworaran announced that the commission has also implemented a zero-waiting time policy for pension payments effective from July 2025, to ensure immediate access to retirement benefits. In addition, N758 billion in Federal Government bonds has been approved to clear outstanding pension liabilities and arrears dating back to 2007.
National Chairman of the Nigeria Union of Pensioners, CPS sector, Comrade Sylver Snwaiwu, commended PenCom for organising the workshop and described the current pension system as effective and reliable, noting that retirees now receive their entitlements promptly.
The sensitization workshop attracted pensioners from various government and private organisations across the country.
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