PenCom Raises Monthly Pension Payments To N14.83bn For 241,000 Retirees

The National Pension Commission (PenCom) has increased monthly pension disbursements to over 241,000 retirees under the Contributory Pension Scheme from N12.15 billion to N14.83 billion. The N2.68 billion increase was implemented under the commission’s Pension Boost 1.0 initiative to improve retirees’ welfare amid rising inflation and economic pressures. According to……

The National Pension Commission (PenCom) has increased monthly pension disbursements to over 241,000 retirees under the Contributory Pension Scheme from N12.15 billion to N14.83 billion.

The N2.68 billion increase was implemented under the commission’s Pension Boost 1.0 initiative to improve retirees’ welfare amid rising inflation and economic pressures.

According to The Punch, PenCom Director-General, Omolola Oloworaran, disclosed this at the 2026 PenCom Media Conference in Lagos, describing the development as part of a shift towards prioritising pensioners’ financial security.

She said the government had moved beyond promises to take concrete steps to improve the welfare of retired workers.

“Every nation makes a promise to the people who build it—those who serve faithfully and diligently. When your working years are done, your country should not forget you. For too long, that promise was kept slowly, partially, or not at all. Today, I can report that this has changed, not in aspiration, but in fact,” Oloworaran said.

The commission also disclosed that a N758 billion intervention bond had been used to clear inherited federal pension liabilities dating back to 2007, benefiting nearly one million retirees.

The settlement addresses outstanding public sector pension obligations that had left many former federal workers facing delays in accessing their benefits after retirement.

Oloworaran said the clearance of the liabilities demonstrated the government’s decision to settle obligations accumulated over successive administrations.

“The Federal Government cleared all inherited pension liabilities, some dating back to 2007. These obligations passed through multiple administrations, but this government chose to settle them. That is statesmanship, a debt paid, not just a promise,” she said.

PenCom also reported progress in resolving outstanding pension obligations affecting retirees of the defunct Nigeria Social Insurance Trust Fund (NSITF).

According to the commission, a review of pension benefits that had remained outstanding for 21 years resulted in an average payout increase of 1,173 per cent, while N8.7 billion in arrears was cleared.

The commission said it had also introduced administrative reforms to reduce delays in pension processing.

Under its Zero Waiting Time Policy, the time required to process pensions has been reduced from as long as 21 months to 48 hours, while accrued pension rights for federal employees due to retire through December 2029 have been credited to their Retirement Savings Accounts.

Beyond the increase in monthly payments and the clearance of outstanding liabilities, PenCom is expanding programmes aimed at improving retirees’ access to healthcare and extending pension coverage to more Nigerians.

The commission said its PenCare free healthcare support programme would begin with a pilot targeting 30,000 low-income retirees.

It is also activating a statutory Minimum Pension Guarantee and expanding the Micro Pension Plan through a nationwide network of agents.

The initiatives are designed to strengthen pension protection for vulnerable retirees and extend formal pension coverage to informal sector workers, including traders and self-employed artisans.

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