NIGERIA’S PENSION SCHEME TRANSFORMS RETIREMENT SECURITY, PENSIONS HIT N14.8B MONTHLY

PenCom’s CPS boosts coverage and benefits while ensuring timely payments and better welfare.

PenCom DG Omolola Oloworaran hailed Nigeria’s Contributory Pension Scheme (CPS) for revolutionizing pensions over 20 years, covering 10 million Nigerians and growing assets to over ₦25 trillion. Monthly pensions rose from ₦12.16 billion to ₦14.84 billion in June 2025, with zero waiting time for payments. New initiatives include Pension Boost 1.0, gratuity reintroduction, and plans for free retiree health insurance. Challenges remain in expanding coverage and building public trust, but nationwide sensitization aims to deepen understanding and access to benefits.