Lagos:The Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, has hailed President Bola Tinubu as Nigeria’s most pro-retiree president in terms of pension reforms. During the 2026 National Pension Commission Media Conference held in Lagos, Oloworaran highlighted Tinubu’s significant contributions to improving the welfare and security of Nigerian retirees.
According to News Agency of Nigeria, Oloworaran emphasized that Tinubu’s administration has moved beyond mere promises to deliver concrete reforms and benefits in the pension sector. She credited the administration with settling inherited pension obligations, introducing new advantages, accelerating retirement benefits, and enhancing pension security for workers and retirees.
One notable achievement under Tinubu’s administration is the Pension Boost 1.0, which increased the monthly pensions for over 241,000 retirees, raising total payments from N12.15 billion to N14.83 billion. A significant review of pensions for 2,116 retirees from the defunct Nigerian Social Insurance Trust Fund resulted in an average increase of 1,173%, with monthly pensions rising from N12.6 million to N159.95 million. Additionally, N8.7 billion in arrears has been paid to affected retirees.
The approval of a N758 billion intervention by the Federal Government has facilitated payments to 957,045 beneficiaries, addressing obligations dating back to 2007. Approved pension rights are now being paid promptly, with some payments made ahead of time due to a one-time verification and enrolment exercise. Retirement benefits that previously took up to 21 months to approve are now processed within 48 hours for Federal Government workers.
Furthermore, the Federal Government has introduced an Exit Benefit Scheme, effective January 1, 2026, offering additional benefits for eligible employees of treasury-funded MDAs. The scheme provides a 100% benefit on top of the normal pension, with the first 175 retirees receiving approximately N1.1 billion in August.
PenCom has also expanded pension coverage by targeting informal sector workers through accredited pension agents, aiming to enroll traders, artisans, farmers, and transport workers. Two new initiatives are set to launch during the National Pension Week, including ‘PenCare,’ a healthcare program for low-income retirees.
Pension assets have seen substantial growth, increasing from N20.79 trillion in July 2024 to N31.48 trillion in July 2026. The number of Nigerians joining the Contributory Pension Scheme (CPS) has also risen, with 938,229 new participants within the period.
Oloworaran warned against employers failing to remit deducted pension contributions, highlighting cumulative recoveries from defaulting employers amounting to N36.6 billion as of July 2026. The Pension Industry Leadership Council has approved an independent assessment of Nigeria’s pension industry maturity, and a Pension Transformation Agenda 2030 is being developed to set clear priorities and milestones.
The pension industry has committed $250 million toward infrastructure investment, with $200 million from pension fund operators and $50 million sought from development finance institutions. Oloworaran pledged the commission’s commitment to maintaining gains through sound regulations and administration, ensuring benefits for Nigerians.