Nigeria’s pension assets under the Contributory Pension Scheme (CPS) have grown by 51 per cent over the past two years, increasing from ₦20.79 trillion in July 2024 to ₦31.48 trillion as of July 2026, according to the National Pension Commission (PenCom).
PenCom Director-General, Omolola Oloworaran, announced the figures during a State House briefing in Abuja while presenting the commission’s performance report for the last two years.
The commission attributed the ₦10.7 trillion increase to improved confidence in the pension system, higher contributor participation and stronger investment returns, describing it as the fastest two-year growth recorded since the CPS was introduced.
PenCom also reported a rise in pension enrolment, with the number of registered contributors increasing from 10.42 million to 11.32 million within the period, representing an additional 938,229 contributors.
As part of efforts to improve retirees’ welfare, the commission said its Pension Boost 1.0 initiative raised monthly pension payments by 22 per cent, from ₦12.2 billion to ₦14.9 billion. It added that retirees have also benefited from the ₦32,000 consequential adjustment linked to the 2024 national minimum wage review.
According to the commission, more than 195,000 retirees from treasury-funded ministries, departments and agencies (MDAs) who retired on or before July 29, 2024, are covered by the adjustment.
PenCom further disclosed that pensions under the former Nigeria Social Insurance Trust Fund (NSITF) scheme were reviewed for the first time in 21 years. The exercise increased one retiree’s monthly pension from ₦18,000 to ₦206,000, while ₦8.7 billion in arrears was paid to 2,116 pensioners.
The number of retirees receiving benefits also rose from 658,811 to 819,411 during the review period, while total pension benefit payments increased from ₦2.3 trillion to ₦3.44 trillion. The commission also directed Pension Fund Administrators (PFAs) to process and approve retirement benefit applications within 48 hours.
On compliance, PenCom said recoveries of unpaid employer pension contributions increased from ₦28.6 billion to ₦36.6 billion through stricter enforcement measures, including the use of Pension Clearance Certificates and collaboration with anti-corruption agencies. It added that plans are underway for a presidential executive order to further strengthen compliance.
The commission also highlighted the Federal Government’s ₦758 billion Pension Bond, introduced to clear outstanding pension liabilities dating back to 2007. The bond covers pension increases, accrued pension rights, the Pension Protection Fund and retirement benefits for professors, benefiting about 957,045 pensioners.
PenCom said the intervention has cleared the backlog of accrued pension rights inherited in 2024, with payments now extended up to December 2029 for over 73,000 beneficiaries.
In addition, the commission announced a new end-of-service benefits policy that grants retiring employees of treasury-funded MDAs terminal benefits equal to 100 per cent of their annual emoluments.
Looking ahead, Oloworaran said PenCom will focus on expanding pension coverage beyond the formal sector while introducing the proposed Pension Revolution 2.0 initiative, which aims to channel pension investments into infrastructure projects such as roads, ports, energy, healthcare, education and agriculture.
