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By Lizzy Chirkpi
Retirees under Nigeria’s Contributory Pension Scheme (CPS) have received an additional N2.68 billion in pension payments following a new intervention by the National Pension Commission (PenCom).
The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday in Abuja during the 2025 PenCom Civil Society Conference, noting that the increase was achieved through the implementation of Pension Boost 1.0, an initiative aimed at improving the adequacy of retirement benefits.
According to Oloworaran, the programme has significantly raised monthly pension disbursements to CPS retirees. “We added N2.68 billion to monthly pension payments for CPS retirees,” she said.
She explained that the intervention was part of broader efforts by the commission to enhance retirees’ welfare amid rising economic pressures.
The PenCom boss, who was represented at the event by the Director of the Contribution and Bond Redemption Department, Usman Musa, also highlighted recent reforms targeted at expanding pension coverage across the country.
She said the restructuring of the Micro Pension Plan into the Personal Pension Plan (PPP) was designed to attract more participants, especially from Nigeria’s large informal sector.
According to her, the PPP specifically targets artisans, traders, transport workers, gig economy participants, and self-employed professionals, with the goal of enrolling millions of informal sector workers into the pension system and securing their financial future in retirement.
Oloworaran reaffirmed PenCom’s commitment to strengthening pension administration and ensuring that more Nigerians benefit from a sustainable and inclusive pension framework.