Abuja: The Director-General (D-G) of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has announced the commencement of the disbursement of a N758 billion bond, approved by the Federal Government, to settle outstanding pension liabilities. This announcement was made during her presentation of a one-year scorecard at the Pension Revolution Summit held in Abuja.
According to News Agency of Nigeria, Oloworaran stated that the N758 billion bond, sanctioned by President Bola Tinubu in February, has been cashed, with over N600 billion already disbursed to address the outstanding liabilities. She highlighted that this financial maneuver, coupled with structured reforms under the “Pension Revolution 2.0,” has spurred the growth of pension assets in the country to approximately N27 trillion.
Oloworaran emphasized the achievements made in the past year, noting significant strides in rebuilding trust, expanding coverage, and strengthening governance within the industry. She explained that the contribu
tory pension scheme has been moved decisively into its next phase as part of a comprehensive reform agenda launched under “Pension Revolution 2.0.” This reform, she clarified, was the most extensive since 2004, designed to future-proof the pension industry and position it as a pillar of national stability.
The D-G also introduced the “pension post 1.0,” which has contributed an additional N2.68 billion to monthly pension payments for Contributory Pension Scheme (CPS) retirees since June. The automation of critical pension processes, such as the pension plan certificate and benefit processing platform, has further streamlined operations within the commission.
Oloworaran discussed the creation of the Pension Industry Leadership Council, a strategic platform to drive innovation and reinforce accountability across the sector. Furthermore, she highlighted the restructuring and rebranding of the micro pension plan into the Personal Pension Plan (PPP), aimed at expanding pension coverage to informal sectors includ
ing artisans and traders.
The commission has also expanded digital enrollment and introduced accredited pension agents, which serve as both a distribution channel and an employment strategy. This initiative is part of a broader effort to promote financial inclusion and create job opportunities for young Nigerians.
In terms of enforcement, Oloworaran reported that a total of N32.27 billion has been recovered by recovery agents, with significant compliance gains observed in the third quarter of 2025. However, she noted that only eight out of 36 states have fully complied with the CPS, and PenCom continues to work with all states to achieve full compliance.