The National Pension Commission (PenCom) has announced that Nigeria’s pension assets have grown by 51 per cent over the past two years, rising from ₦20.79 trillion to ₦31.48 trillion.
Speaking at a press conference in Abuja on Tuesday, the Director-General of PenCom, Omolola Oloworaran, said membership of the Contributory Pension Scheme (CPS) also increased by nearly one million contributors, leading to a total number of 11.32 million registered members.
Oloworaran recounted the story of a retired factory worker whose monthly pension remained unchanged for more than two decades.
“Somewhere in Nigeria, a retired factory worker checked the alert on his phone. For 21 years, that alert read ₦18,000.
“This month, as in every single month now, it reads ₦206,000,” she said.
According to the PenCom chief, the remarkable increase indicates the Commission’s drive to improve retirees’ welfare by ensuring more realistic and sustainable pension payments amid prevailing economic conditions.
She said the growth in pension assets signifies increasing public confidence in the Contributory Pension Scheme, attributing the development to prudent investment of pension funds, improved regulatory oversight, stronger compliance by employers, and the steady expansion of the pension industry.
The Commission noted that the rise in membership demonstrates growing acceptance of the pension scheme among Nigerian workers and employers.
According to PenCom, its commitment to extending pension coverage to more citizens, protecting contributors’ retirement savings, and ensuring prompt and adequate benefits for retirees remains a priority.
The Contributory Pension Scheme, introduced under the Pension Reform Act, is designed to provide a sustainable retirement savings framework for both public and private sector employees.
