Oloworaran: We’ll Expand Pension Coverage to Informal Sector, Enhance Retiree Welfare, Strengthen Governance 

•Says monthly pensions rose to N14.837 billion from June 2025, from N12.16 bn 

•PenCom, stakeholders meet to clear obstacles to CPS

James Emejo in Abuja

Director General of National Pension Commission (PenCom), Ms. Omolola Oloworaran, yesterday, said going forward, the commission will diversify pension asset investments to improve returns, strengthen governance and oversight, and expand coverage to millions more Nigerians, particularly, in the informal sector.

Oloworaran also reaffirmed PenCom’s commitment to enhancing retiree welfare, particularly health and gratuity buffers.

She spoke at the opening of a stakeholders’ conference on the workings of the Contributory Pension Scheme (CPS), which was jointly convened by PenCom and National Salaries, Incomes and Wages Commission (NSIWC) in Abuja.

The conference, which attracted representations from both government and private institutions, sought to brainstorm and address lingering challenges in the CPS administration.

The PenCom director-general pointed out that despite significant achievements recorded in the scheme, challenges, including limited coverage expansion, lack of full compliance by several states and employers, as well as public scepticism often shaped by painful experiences of the past, continued to undermine trust in the system.

Represented by PenCom Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “This is why today’s engagement is so important. It gives us an opportunity to listen, explain, and build confidence together.

“To deepen trust, PenCom will also embark on nationwide sensitization workshops across all six geopolitical zones — ensuring that every federal employee and pensioner fully understands the CPS and can access its benefits without delay.”

She stated that in line with the commission’s mandate to protect contributors and guarantee dignity in retirement, PenCom had rolled out key interventions that were changing lives.

According to her, Pension Boost 1.0 – seeks to enhance pensions for over 241,000 retirees, representing 80 per cent of those under programmed withdrawal.

She added that monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.

The PenCom chief executive said the zero-waiting time for pension payments had ensured that since July 2025, no retiree waited to access their pensions, adding that payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.

Among other things, she said working with the Office of the Head of the Civil Service, a framework had been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

She also pointed to the introduction of free health insurance for retirees, stressing that this would begin later this year, starting with pensioners in lower-income categories. She said the scheme was meant to ensure dignity and security beyond financial pensions.

In addition, the PenCom director-general stated that the conference was not just another meeting, but the continuation of a national conversation, one that directly impacted the lives, dignity, and future of millions of Nigerian workers and retirees.

She said, “Over the last two decades, the Contributory Pension Scheme has rewritten Nigeria’s pension story. We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

“Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

“Pension assets have grown to over N25 trillion, fuelling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”

Oloworaran said, “Today is not just about reviewing policies, it is about reaffirming a shared vision: a Nigeria where every worker can retire with dignity, where every pensioner enjoys peace of mind, and where pensions play a central role in national prosperity.”

The meeting was attended by representatives of the Nigeria Labour Congress (NLC), Nigeria Union of Pensioners (NUP-CPS), Trade Union Congress (TUC), and Office of the Head of the Civil Service of the Federation, among others.