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PENCOM DG: President Tinubu has scored first in positive pension scheme reforms, deserves commendation.

By Afolabi Oyekunle.


The Director General of National Pension Commission, (PenCom) Omolola Oloworaran said President Bola Tinubu approval of reforms in the Pension scheme has turned around the lives of Pensioners positively and the industry and he deserves the commendation of the people.
          President Bola Tinubu

The Director General said this yesterday Tuesday 6th of October in Lagos at the 2026 PenCom Media conference, where she spoke of the tremendous transformation in the Pension Industry.

PENCOM DG Omolola Oloworaran

According to her, under the present administration of President Bola Tinubu, Nigeria's pension system is not merely improving, but making history again and again.

" For the first time, federal retirees across the Contributory Pension Scheme have received a pension increase across the board. Pension Boost 1.0 raised the monthly pension of more than 241,000 retirees, as monthly pension payments move from N12.15 billion to N14.83billion naira, while the federal government cleared the pension liabilities it inherited, some of them outstanding since 2007, almost two decades.

She said the President also approved 758billion naira pension bond and through it 957,045 has benefited.
According to the PenCom Director General, before then obligations had passed from one administration to the next before President Bola Tinubu settled it.

She said  for the first time accrued pension rights are being paid as and when due, through PenCom one time verification, while accrued rights had already been credited to the retirement savings account of enrolled federal employees due to retire up to December 2029.

  DG PenCom Omolola Oloworaran

"For the first time retirement benefits that once took up to 21months to approve are now approved within 48hours. It's a mandatory service standard binding on every Pension Fund Admistrator"

She said under the reforms the country has a exit benefits scheme as eligible employees of Tertiary- funded federal MDAs with at least ten years of qualifying service receive an additional benefits equal to 100percent of their total annual emoluments on top of their normal pension.

According to the PenCom Director General, the first 175 retirees received approximately 1.1billion in August.
She said PenCom continues to grow as 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 .

She said the Council has endorsed the phased launch of a 250 million dollar  Pension Industry Infrastructure Investment Consortium, with 200million dollars from pension fund operators as anchor investors through cash calls over ten years and a further 50million dollars sought from developmentpp finance institutions with whom discussions are going.

According to her, this is just a beginning towards infrastructures development as Nigeria needs productive investment.

Speaking on the fate of CPS Pensioners under the scheme particularly Lagos state that are yet to benefit from all the increment, the PenCom Director General advised the state governments to follow the example of the federal government and  key into  the new packages.


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