The National Pension Commission (PenCom) has unveiled a new reform programme, tagged Pension Revolution 2.0, aimed at expanding pension coverage, improving retirement benefits and strengthening the safety of pension assets.
Speaking in Abuja, at a one day conference for journalists with the theme “From Reform To Reality: Renewed Hope, Pension Security for Nigerians”, PenCom Director-General Omolola Oloworaran said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and seeks to extend pension access to more Nigerians, particularly workers in the informal sector.
According to her, the reform programme will focus on improving investment performance, protecting contributors’ funds and delivering sustainable long-term returns.
A major component of the reforms she said is a new Retiree Health Care Programme, expected to commence later this month.
Oloworaran said the pilot phase will provide free access to essential healthcare services for 30,000 eligible low-income retirees, with plans to expand nationwide.
She also announced the implementation of a Minimum Pension Guarantee, designed to ensure that no eligible retiree under the Contributory Pension Scheme falls below a prescribed pension threshold.
“The guarantee will provide additional protection for retirees with low retirement savings and help reduce vulnerability in old age,” she said.
The PenCom boss further disclosed that the commission has also developed a national distribution framework to increase pension participation among informal sector workers, including traders, artisans, farmers and transport operators.
She noted that accredited pension agents have been deployed across markets, workshops and other economic clusters to drive enrolment into personal pension plans.
On pension asset growth, Oloworaran said total pension assets increased from ₦20.7 trillion in July 2024 to ₦31.58 trillion in June 2026, representing an increase of more than ₦10 trillion within two years.
She added that 938,229 Nigerians joined the Contributory Pension Scheme during the period.
The PenCom director-general highlighted several recent measures aimed at improving retirees’ welfare, including the implementation of Pension Boost 1.0, which she said increased monthly pension payments for more than 241,000 retirees.
According to her, total monthly pension disbursements rose from ₦12.15 billion to ₦14.83 billion following the adjustment.
Oloworaran also said pensions for retirees under the defunct Nigeria Social Insurance Trust Fund (NSITF) scheme were reviewed for the first time since 2005, resulting in a significant increase in benefits and the settlement of arrears.
She further disclosed that the Federal Government had approved intervention funds to clear outstanding pension liabilities inherited from previous administrations, benefiting thousands of pensioners.
The PenCom boss said the pension industry has also committed resources to infrastructure financing through a dedicated investment initiative, stressing that contributors’ funds would continue to be protected through strict investment guidelines and risk management measures.
She called on Nigerians, particularly younger workers, to take greater interest in their retirement planning by monitoring their pension accounts and understanding how their contributions are invested.
According to her, PenCom will continue to pursue reforms aimed at broadening coverage, strengthening compliance and improving retirement security for Nigerians.
