By SIMEON OGOEGBULEM
The National Pension Commission (PenCom) said the federal government has cleared N758 billion pension liabilities it inherited from previous administrations dating back to 2007. PenCom said the liquidated pension liabilities benefited over 957,045 pensioners nationwide.
The Director-General of PenCom, Omolola Oloworaran, disclosed this in Lagos at the recent 2026, PenCom Media Conference. The conference, themed “From Reform to Reality: Renewed Hope, Pension Security for All Nigerians,” focused on clearing pension obligations, speeding up benefit payments and expanding coverage.
The settlement followed the Federal Executive Council’s approval in February 2025 of a N758 billion intervention bond to address accumulated pension liabilities.
PenCom said accrued pension rights for federal employees scheduled to retire through December 2029 had also been credited to their Retirement Savings Accounts following a one-time verification exercise.
The commission’s Zero Waiting Time Policy has reduced retirement-benefit processing from as long as 21 months to 48 hours, with payments aligned to the monthly salary cycle.
Under Pension Boost 1.0, monthly payments to Contributory Pension Scheme retirees rose from N12.15 billion to N14.83 billion, benefiting more than 241,000 retirees.
PenCom also reviewed pensions for 2,116 retirees of the defunct Nigeria Social Insurance Trust Fund after 21 years, delivering an average 1,173 per cent increase and paying N8.7 billion in arrears.
Oloworaran said PenCom was engaging state governments to expand the Contributory Pension Scheme and improve pension adequacy amid rising living costs.
Meanwhile, the commission is targeting Nigeria’s largely uncovered informal workforce.
Babatunde Alayande, Director of PenCom’s Personal Pension Plans Department, said 93 per cent of the workforce, estimated at 84.92 million people, operates in the informal sector.
Only 242,690 people were enrolled in the Personal Pension Plan as of July 2026, leaving a 99.71 per cent coverage gap.
PenCom said it was widening access through simplified digital registration, multilingual awareness, tailored products and accredited pension agents, while expanding the Micro Pension Plan to more traders, artisans and other informal workers.
The commission also plans to provide free healthcare to 30,000 low-income retirees through PenCare and activate a statutory Minimum Pension Guarantee.
The reforms are aimed at clearing legacy obligations, accelerating retirement payments and extending pension protection to more Nigerian workers.
