Nigeria’s pension assets have risen to ₦31.48 trillion, while reforms by the National Pension Commission (PenCom) have reduced retirement benefit approval timelines from as long as 21 months to 48 hours, in a push to improve retirement security for Nigerian workers.
The Director-General of PenCom, Ms Omolola Oloworaran, disclosed this at the 2026 PenCom Conference for Journalists in Abuja, where she outlined measures to increase pension payments, settle outstanding liabilities, strengthen compliance and extend coverage to more Nigerians.
Oloworaran said pension assets grew from ₦20.79 trillion in July 2024 to ₦31.48 trillion in June 2026, representing an increase of more than ₦10.6 trillion within the period.
She added that 938,229 Nigerians joined the Contributory Pension Scheme over the same period, reflecting an expansion in participation in the country’s formal retirement savings system.
Pension assets have risen from ₦20.79 trillion in July 2024 to ₦31.48 trillion in June 2026, more than ₦10.7 trillion in new retirement wealth in under two years. In the same period, 938,229 Nigerians joined the Contributory Pension Scheme. These are the savings of workers who will depend on them in later life, and we will steward them with competence, integrity and prudence.
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“Under the President’s leadership, these savings are also working harder for Nigeria. Pension funds are diversifying: investing in Nigeria, investing in real assets, and building better retirement outcomes for contributors.
“Every naira invested well at home strengthens two futures at once: the retiree’s and the nation beyond the growth in assets, the PenCom chief highlighted measures aimed at improving financial wellbeing of pensioners, including higher monthly payments and the settlement of long-standing pension obligations.
“Under the Pension Boost initiative, more than 241,000 retirees have benefited from increased monthly pension payments, which rose collectively from ₦12.15 billion to ₦14.83 billion,” she said.
However, the PENCOM Boss said despite the reported progress, compliance with pension remittances remains a critical issue for workers whose contributions are deducted from their salaries but are not transferred to their Retirement Savings Accounts.
Oloworaran warned employers against the practice, describing the withholding of pension contributions as a breach of trust and the law.
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She disclosed that cumulative recoveries from defaulting employers had reached ₦36.6 billion as of July 2026.
The issue remains particularly important to employees approaching retirement, for whom missing contributions could undermine the benefits accumulated during years of service.
Personal Pension Plan
The commission is also pursuing broader pension coverage through the Personal Pension Plan and accredited pension agents, with the aim of bringing more informal-sector workers into the retirement savings system.
PenCom further plans to introduce PenCare, a proposed initiative to provide essential healthcare at no cost to eligible low-income retirees, beginning with a pilot targeting 30,000 beneficiaries.
A Minimum Pension Guarantee for eligible retirees under the Contributory Pension Scheme is also among the measures outlined by the commission.
Meanwhile, the President of PenCAN, Dr Nana Musa, called on journalists to deepen their understanding of pension administration and improve the quality of reporting on reforms, policies and retirement benefits.
In a goodwill message delivered on her behalf by the association’s treasurer, Kemi Kindness, Musa said pension correspondents should go beyond reporting official announcements to explain policy implications, ask relevant questions and sustain public attention on issues affecting contributors and retirees.
She stressed that accurate reporting, transparency and sustained engagement between the media and pension industry stakeholders were essential to building public confidence in the pension system.
PenCom says it will continue to strengthen regulation, improve service delivery and expand pension coverage as it works towards a system in which workers and retirees receive their benefits when due.
