The National Pension Commission (PenCom) has introduced wide-ranging reforms to strengthen Nigeria’s Contributory Pension Scheme (CPS), improve retirees’ welfare, and deepen public trust in the nation’s pension system.
Speaking at the Stakeholders’ Conference on the workings of the CPS in Abuja, the Director-General of PenCom said the sector has transitioned from a legacy of unpaid benefits to a modern pension regime anchored on transparency, sustainability, and inclusiveness.
Highlighting new initiatives, she announced the launch of Pension Boost 1.0, a programme that increased pensions for over 241,000 retirees under the Programmed Withdrawal scheme, raising total monthly payments from ₦12.1 billion to ₦14.8 billion. The move is part of PenCom’s efforts to cushion the impact of inflation and improve the quality of life for pensioners.
According to her, more than 10 million Nigerians, including civil servants, private sector workers, artisans, and the self-employed under the Personal Pension Plan, are now covered by the CPS. Pension assets have grown to over ₦25 trillion, supporting both regular monthly payments and key national development projects.
“As of today, over 844,000 retirees in the public and private sectors are receiving steady and reliable pension benefits. More than 552,000 retirees enjoy monthly pensions, while another 291,735 have accessed lump sum payments,” she said.
The conference, jointly organised by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), brought together top government officials, labour leaders, pension fund administrators, and other stakeholders to review the system’s progress and chart its future direction.
Industry observers note that these reforms could also benefit small and medium-sized enterprises (SMEs), many of which are increasingly enrolling employees in the CPS. With a more transparent and reliable pension structure, SMEs may find it easier to attract and retain talent, while self-employed individuals and informal workers stand to gain from improved access to retirement savings plans.
PenCom’s renewed focus on inclusiveness, growth, and sustainability signals a stronger future for Nigeria’s pension system and positions it as a driver of long-term financial security and national development.
