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PenCom Increases Pension Payouts for 233,000 Nigerian Retirees Under CPS Reform

"Logo of the National Pension Commission (PenCom) Nigeria"

 

Lagos, Nigeria – June 21, 2025: The National Pension Commission (PenCom) has launched Pension Boost 1.0, a major reform aimed at enhancing monthly pension payouts to retirees under Nigeria’s Contributory Pension Scheme (CPS).

Announced during PenCom’s second-quarter media briefing in Lagos, Director-General Ms. Omolola Oloworaran confirmed that monthly disbursements would rise from N8.3 billion to N11.9 billion effective June 2025. The reform directly impacts over 233,000 retirees nationwide.

“This is the news every retiree has been waiting for,” she said. “It’s not a token gesture, but a sustainable step rooted in economic progress.”

The upgrade is based on a newly adopted Standard Pension Enhancement Template, which allows payments to grow alongside RSA investment performance. This ensures that contributors benefit directly from strong fund returns.

The DG credited this achievement to recent reforms under President Tinubu’s administration, especially the approval of a N758 billion bond to clear outstanding pension liabilities. Retirees who exited service up to March 2025 have reportedly received both accrued rights and monthly payments.

“We’ve seen stable and consistent pension releases since late 2024,” Oloworaran noted. “The era of pension arrears is almost over.”

Beyond payments, PenCom is stepping up enforcement. Employers delaying contributions and underperforming pension fund administrators (PFAs) were warned to improve or face penalties. “To every Nigerian worker—we see you, we hear you, and we will protect your future,” the DG declared.

This marks a turning point for the pension industry, as Nigeria’s pension assets continue to grow, reaching N23.26 trillion by February 2025. PenCom’s leadership affirmed a long-term goal of building a financially inclusive and dignified retirement system.

“We’re returning to what banking and pensions should be—strong, transparent, and accountable,” Oloworaran concluded.

Source Reference: Original story inspired by Israel Ojoko via Nairametrics, June 20, 2025

What’s your take on CBN’s new forbearance policy? Join the conversation by leaving a comment below.

📌 Click here to read the full breakdown of CBN’s forbearance policy and what it means for Nigerian banks.

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Written by DailyBrill Teams

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