By MUHAMMAD NUR TIJANI

The National Pension Commission (PenCom) says more than 844,000 retirees from both the public and private sectors are currently enjoying steady, reliable, and transparent retirement benefits under the Contributory Pension Scheme (CPS).

The Director-General of PenCom, Ms Omolola Oloworaran, stated this on Friday in Kano during a sensitisation workshop on the workings of the Contributory Pension Scheme for pensioners across the geo-political zones.

The event was jointly organised by the commission and the National Salaries, Incomes and Wages Commission (NSIWC).

She said the commission remained committed to ensuring that contributors and retirees under the scheme receive their benefits promptly and in full compliance with the provisions of the Pension Reform Act 2014.

Represented by the Commissioner Technical, Alhaji Hafizu Kawu, Oloworaran explained that the CPS had continued to demonstrate sustainability and resilience since its inception, adding that pension assets had grown to over N25 trillion as of September 2025.

According to her, the funds are being deployed in strategic sectors of the economy to promote national development while ensuring the safety and growth of contributors’ savings.

She disclosed that the CPS now covers over 10 million Nigerians, including public sector employees, private sector workers, artisans and self-employed individuals under the Personal Pension Plan.

Oloworaran said pension assets had grown to over N25 trillion, fueling national development through strategic investments and providing regular monthly pensions to over 552,000 retirees, in addition to lump-sum benefits for 291,735 others.

“In total, more than 844,000 retirees across both public and private sectors now enjoy steady, reliable and transparent retirement benefits,” she added.

Oloworaran added that in addition to monthly pensions, lump-sum benefits had also been paid to hundreds of thousands of retirees who exited the scheme in line with regulations.

The director-general highlighted recent interventions by PenCom under the Pension Revolution 2.0 initiative aimed at improving retirees’ welfare.

“They include Pension Boost 1.0, which raised monthly pensions for over 241,000 retirees representing 80 per cent of those under the programmed withdrawal option with total payments increasing from N12.15 billion to N14.83 billion effective June 2025,” she said.

She also announced the approval of N758 billion Federal Government Bonds by President Bola Tinubu to clear outstanding pension liabilities, including arrears of pension increases since 2007.

Oloworaran commended the president for the approval, describing it as a bold and compassionate step that would bring relief to vulnerable pensioners and restore confidence in the system.

The Director, Compensation, National Salaries and Wages Commission (NSWC) Mr Akin Abe, l reaffirmed its commitment to ensuring fair and regular pension adjustments in line with government policies and prevailing economic realities.

Abe said the commission had issued several circulars to address complaints from retirees and stakeholders, while working with the Budget Office to ensure prompt and full payment of entitlements.

He added that efforts were ongoing to harmonise pensions and address disparities among different categories of retirees.

Also speaking, the National Chairman, National Union of Contributory Pensioners, Mr Sylva Nwaiwu, called for greater public awareness and understanding of the Contributory Pension Scheme (CPS).

He said the CPS, introduced in 2004, had continued to ensure the safety of pension funds and improve retirees’ welfare, adding that the ongoing zonal workshops were aimed at correcting misconceptions and promoting transparency in pension administration. (NAN)