The National Pension Commission (PenCom) says it is finalising arrangements to pay all outstanding pension liabilities under the Contributory Pension Scheme (CPS) before December.
PenCom’s Director-General, Ms. Omolola Oloworaran, disclosed this on Wednesday in Lagos during the opening of a two-day sensitisation workshop for employees and pension desk officers. The event was organised in collaboration with the National Salaries, Incomes and Wages Commission (NSIWC).
Oloworaran said the payments would follow the approval of a ₦758 billion bond by President Bola Tinubu, aimed at clearing pension arrears that have accumulated over nearly two decades.
“The waiting time is almost over; we are at the finishing line. Very soon, all retirees under the CPS with outstanding benefits will be paid, thanks to the bold step taken by President Tinubu, who has shown genuine care for ordinary Nigerians,” she said.
She added that federal civil servants retiring between October and December would receive their pension benefits before December 15, noting that the Commission was taking extra care to ensure every beneficiary received their full entitlement without error.
The DG explained that PenCom had introduced new measures to strengthen the resilience of Pension Fund Administrators (PFAs) and ensure effective management of contributors’ funds. These include reviewing the minimum capital requirements for PFAs and custodians, issuing whistleblowing guidelines for pension asset management, and revising investment regulations to promote diversification and optimal returns.
Oloworaran also highlighted the release of a framework for accredited pension agents and guidelines for the new Personal Pension Plan (PPP) — an initiative designed to expand pension coverage to informal sector workers.
“The President has mandated that no Nigerian should be left behind. We are deploying accredited pension agents nationwide to reach rural areas and informal workers, ensuring everyone has access to retirement savings,” she said.
She further announced plans to introduce a free health insurance scheme for low-income retirees before the end of 2025, as part of efforts to enhance retirees’ welfare.
While acknowledging the challenges of expanding coverage — especially among informal sector workers and some state governments still owing arrears — the DG said the Commission was engaging stakeholders to resolve the issues.
Oloworaran explained that the ongoing sensitisation workshop was aimed at deepening understanding of the CPS, building trust among stakeholders, and preparing for the 2026 retiree enrolment exercise.
She also revealed that PenCom had developed a new Enrolment Application to make the registration process more seamless and user-friendly for both retirees and administrators.
The DG urged pension desk officers to take the upcoming one-off enrolment exercise for treasury-funded MDAs seriously, saying it would help determine the Federal Government’s total pension liabilities and ensure timely funding of accrued rights.
“Once the liabilities are computed and funded, the amounts will be credited to individual Retirement Savings Accounts, enabling contributors to begin earning returns even before retirement,” she explained.
Oloworaran reaffirmed PenCom’s commitment to diversifying pension investments, improving governance and oversight, expanding coverage, and promoting the welfare of retirees.
She encouraged participants to offer feedback to improve the pension system, assuring them that the Commission remains transparent and responsive to contributors’ needs.
Also speaking, Mrs. Ibhade Okoruwa, National Vice Chairman of the Forum of Pension Desk Officers, commended the organisers for enhancing participants’ knowledge of pension administration.
In his remarks, Mr. Akin Abe, Director of Compensation at the National Salaries, Incomes and Wages Commission, praised PenCom for its ongoing reforms.
Similarly, the Director-General of the National Orientation Agency (NOA), Malam Lanre Issa-Onilu, represented by Mr. Temitope Adewunmi, pledged to project PenCom’s activities through the agency’s digital platforms.
Issa-Onilu said the NOA had created a mobile application to keep Nigerians informed on verified government activities, and urged citizens to make use of the app and visit the agency’s updated website and social media handles for credible information.
