241,000 Retirees Get Pension Increase Under Tinubu — PenCom

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has stated greater than 241,000 retirees below the Contributory Pension Scheme (CPS) have benefited from will increase of their month-to-month pensions below the reforms launched by President Bola Tinubu’s administration.

Oloworaran disclosed that the adjustment, applied below Pension Boost 1.0, raised the mixed month-to-month pension funds to the beneficiaries from N12.15bn to N14.83bn.

She described the rise as a landmark reform, noting that it was the primary time retirees below the contributory pension scheme had obtained a pension adjustment throughout the board.

According to her, the initiative was designed to enhance retirement safety and be sure that pensioners profit from reforms within the nation’s pension trade.

The PenCom boss additionally introduced a significant assessment of pensions below the Nigeria Social Insurance Trust Fund (NSITF), saying beneficiaries had waited 21 years for an adjustment.

She stated the fee invoked the related authorized provisions to facilitate the assessment, which resulted in a 1,173 per cent improve in pensions for eligible NSITF retirees.

The adjustment raised the mixed month-to-month pension funds to 2,168 NSITF retirees from N12.56m to N159.95m.

Oloworaran added that the Federal Government had paid N8.7bn in excellent pension arrears owed to the beneficiaries, bringing aid to retirees who had waited years for his or her entitlements.

Beyond the NSITF pension assessment, she stated the Tinubu administration had authorised a N758bn intervention to settle inherited federal authorities pension liabilities, a few of which had remained excellent since 2007.

According to the PenCom director-general, funds below the intervention had reached tons of of hundreds of beneficiaries, serving to to clear obligations amassed over successive administrations.

She additional disclosed that accrued pension rights have been being credited to eligible federal staff forward of retirement following a verification and enrolment train protecting staff on account of retire as much as December 2029.

Oloworaran stated the fee had additionally launched a zero-waiting-time coverage to make sure that federal staff start receiving their pensions upon retirement, eliminating the extended delays that beforehand characterised the method.

She added that retirement profit functions, which had taken as much as 21 months to course of, have been now topic to a compulsory 48-hour service commonplace for pension fund directors.

The reforms, she defined, have been aimed toward enhancing service supply and making certain that retirees might entry their entitlements with out pointless bureaucratic delays.

The PenCom boss additionally highlighted the introduction of an exit profit scheme for eligible staff of treasury-funded ministries, departments and businesses with not less than 10 years of qualifying service.

Under the scheme, eligible retirees obtain an extra profit equal to 100 per cent of their annual emoluments, alongside their regular pension advantages.

Oloworaran disclosed that the primary batch of 175 retirees obtained roughly N1.1bn below the scheme in August 2026.

While enhancing advantages for current retirees, she stated PenCom was additionally working to broaden pension protection to Nigerians within the casual sector, together with merchants, artisans, farmers and transport staff.

She defined that the fee was deploying accredited pension brokers to markets, workshops and different enterprise places to encourage self-employed Nigerians to take part within the Personal Pension Plan.

The initiative, she stated, was meant to handle low pension penetration within the casual sector and supply extra Nigerians with alternatives to construct retirement financial savings.

Providing an replace on the expansion of the pension trade, Oloworaran stated 938,229 Nigerians joined the pension scheme between July 2024 and June 2026.

She added that pension property elevated from N20.7tn in July 2024 to N31.48tn in June 2026, representing progress of greater than N10.7tn in lower than two years.

The director-general additionally disclosed that PenCom had recovered N36.6bn from employers who didn’t remit pension contributions deducted from staff’ salaries as of July 2026.

She stated recoveries in 2025 set a document for annual collections because the introduction of the Contributory Pension Scheme, including that the fee had already surpassed the earlier yr’s document in 2026.

Oloworaran warned employers in opposition to deducting pension contributions with out remitting them into staff’ Retirement Savings Accounts, describing the observe as a breach of belief and the legislation.