FG workers retiring this year to get pension benefits before Dec 15 – PenCom

From left: National Vice Chairman Federal Government Treasury-Funded Ministries; Departments and Agencies Pension Desk Officers, Mrs. Ibhade Okoruwa; Director, Contribution & Bond Redemption Department National Pension Commission, Usman Musa; Director General Ms. Omolola Oloworaran and Head, Compensation National Salaries, Incomes & Wages Commission, Akin Abe at the event.

Kindly leave a comment and share

Chuks Udo Okonta

The National Pension Commission (PenCom) has assured that if the Federal Government makes fund available, all its workers retiring this year will be paid their pension benefits on or before December 15, 2025.

The Director-General PenCom Ms. Omolola Oloworaran, said this today at the PenCom, National Salaries, Incomes & Wages Commission ongoing 2-day sensitization, enlightenment workshop on working of CPS for Pension Desk Officers (PDOs) in Lagos.

She submitted that approval has been secured for the issuance of ₦758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007, stressing that this bold step by President Bola Ahmed Tinubu, GCFR, deserves commendation, as it will bring much-needed relief to vulnerable pensioners and restore confidence in our system.

She said PenCom has also reformed the Additional Voluntary Contribution (AVC), which is now operated under the recently unveiled Personal Pension Plan (PPP), stressing that workers can now make pension contributions directly into their Retirement Savings Accounts (RSAs) without going through their employers.

Director General National Pension Commission Ms. Omolola Oloworaran speaking at the event.

The PenCom boss said PenCom working with the Office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

She maintained that over the last two decades, the Contributory Pension Scheme has rewritten Nigeria’s pension story. “We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

“Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

“Pension assets have grown to over ₦25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” she posited.

She said reform is a continuous journey, adding that in line with PenCom’s mandate to protect contributors and guarantee dignity in retirement, it has rolled out key interventions that are changing lives.

According to her, the interventions are:

• Pension Boost 1.0 – Enhancing pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from ₦12.157 billion to ₦14.837 billion, effective June 2025.

• Zero Waiting Time for Pension Payments – Since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.

She stated that later this year, PenCom would be focusing on pensioners in lower-income categories, and would be providing them health insurance to ensure dignity and security beyond financial pensions

She submitted that while the CPS has achieved much, challenges remain, stating that coverage expansion is still limited, with several States and employers yet to fully comply. Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system, she added.