The Director-General of the National Pension Commission, Ms Omolola Oloworaran, has hailed President Bola Ahmed Tinubu’s approval of over ₦750b to settle outstanding pension liabilities, describing the move as a major step towards restoring trust, dignity and financial security for Nigerian retirees.
Ms Oloworaran, said this in Abuja at the Pension Revolution Summit: A 365 Days Scorecard and Media Conference.
She said the Pension Revolution Summit marks a turning point for Nigeria’s pension system, driven by accountability, delivery and a clear vision for the future, noting that the launch of Pension Revolution 2.0 is the most far-reaching reform of the sector since 2004, introducing stronger regulation, improved governance and full digital transformation.
According to her, enhanced pension benefits and expanded coverage under the Personal Pension Plan are already restoring dignity and financial security to Nigerians, particularly retirees and informal sector workers.
The DG stressed that compliance, innovation and service excellence are non-negotiable as the commission advances reforms to secure the future of retirement in Nigeria.
She described the intervention, approved by President Bola Ahmed Tinubu, as a historic milestone in the government’s commitment to workers and retirees.
“This payment sends a clear signal that pension obligations will be honoured,” Oloworaran said.
Overhaul of the pension
The DG explained that the disbursement was a key outcome of Pension Reform Agenda 2.0, which she described as the most far-reaching overhaul of the pension industry in over a decade.
According to her, the reforms are aimed at expanding coverage, strengthening governance, deepening transparency and repositioning the pension system as a pillar of national stability and economic development.
Oloworaran revealed that PenCom also rolled out Pension Boost 1.0, which has increased monthly pension payments by N2.68bn for retirees under the Contributory Pension Scheme in several states.
“These are not just figures. They mean better livelihoods, dignity and peace of mind for retirees,” she said.
She said that the commission had fully automated critical pension processes, including pension certificates, benefits processing and contribution returns, to reduce delays and eliminate human interference.
To address healthcare concerns, Oloworaran said PenCom inaugurated the Board of Trustees of the Pension Healthcare Initiative to provide affordable and accessible healthcare for low-income pensioners.
She also announced the establishment of the Pension Industry Leadership Council to drive innovation, promote accountability and encourage collective responsibility among industry operators.
On coverage expansion, the DG said the Micro Pension Plan had been rebranded as the Personal Pension Plan, with simplified enrolment requirements to attract informal sector workers, artisans and creatives.
Deepen pension
She said the introduction of accredited pension agents would deepen pension penetration while creating employment opportunities for young Nigerians.
On governance reforms, Oloworaran disclosed that PenCom raised capital requirements for pension operators and tightened corporate governance rules to eliminate weak oversight and improve professionalism.
She revealed that a compliance circular issued by the commission led to the recovery of N4.04bn between January and November, representing a 180 per cent increase compared to the total recovery figure for 2024.
Of the amount, she said N2.06bn was recovered in the third quarter alone.
“The evidence is clear: when compliance is tied to real consequences, behaviour changes,” she said.
Oloworaran noted that the next phase of reforms would focus on expanding coverage, improving investment outcomes, strengthening supervision and protecting retirees and contributors.
Also speaking, the Commissioner for Inspectorate at PenCom, Mr Samuel Chigozie Uwandu, said the pension system was previously plagued by corruption, weak administration and inadequate funding.
“Over the years, we have recorded significant structural improvements,” he said.
Uwandu acknowledged that challenges such as compliance gaps, arrears and economic pressures remained but expressed confidence that the ongoing reforms would address longstanding concerns.
He confirmed that pension benefits would be amended from 2025 and converted to cash, adding that transferred pension balances had already been credited to the appropriate pension funds.
The commissioner commended President Tinubu for approving the N758bn intervention, describing it as a decisive step towards restoring trust in the pension system.