The National Pension Commission (PenCom) has commenced the disbursement of the N758 billion bond approved by the Federal Government to clear outstanding pension liabilities, the commission announced on Monday.
Director-General of PenCom, Ms Omolola Oloworaran, disclosed this while presenting her one-year scorecard at the Pension Revolution Summit in Abuja. She said over N600 billion of the bond has already been disbursed to address pension arrears.
Oloworaran highlighted that Nigeria’s pension assets have grown to about N27 trillion due to bold decisions and structured reforms under the Pension Revolution 2.0 initiative.
“Over a year ago, I was confirmed as the D-G with a clear mandate to rebuild trust. We expanded coverage, strengthened governance, and moved the contributory pension scheme into the next phase. This past year has been defined by bold decisions, structural reforms, and measurable impacts,” she said.
The D-G said that the Pension Revolution 2.0 marked the most comprehensive reform agenda in the Nigerian pension industry since 2004. It introduced new regulations, strengthened supervision, governance reforms, digital transformation, and industry realignment to “future-proof” the sector.
To enhance benefit adequacy, PenCom introduced the Pension Post 1.0, which has added N2.68 billion to monthly pension payments for CPS retirees since June. Critical pension processes have also been fully automated, including pension plan certificates, benefit processing, and contribution remittance.
Oloworaran also noted the restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan (PPP), aimed at informal sector workers such as artisans, traders, and creatives. Accredited pension agents have been introduced as both a distribution channel and an employment initiative, providing opportunities for thousands of young Nigerians.
The commission has also achieved significant recoveries through its agents, reclaiming N32.27 billion between June 2012 and September 2025, including N15.87 billion in principal contributions and N16.40 billion in penalties from defaulting employers. In the third quarter of 2025 alone, PenCom recovered N2.06 billion from 49 defaulters.
Oloworaran added that only eight out of 36 states have fully complied with the Contributory Pension Scheme (CPS), and the commission is actively partnering with all states to ensure compliance. She also noted that the Nigeria Police Force is yet to exit the CPS, and efforts are ongoing to address their situation without disruption.
The D-G described the reforms as pivotal in building trust, expanding coverage, creating jobs, promoting financial inclusion, and positioning the pension industry as a pillar of national stability and long-term development.