Nigeria’s pension fund grows to ₦31.48 trillion
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In Nigeria, pension assets reached ₦31.48 trillion as of June 2026, and the National Pension Commission (PenCom) implemented reforms to improve retirement income for beneficiaries.
PenCom reported that these changes include increased monthly payments, clearance of outstanding arrears, and faster processing of retirement benefits. Omolola Oloworaran, PenCom’s Director General, stated that Pension Boost 1.0 increased monthly pensions for over 241,000 retirees under the Contributory Pension Scheme, raising total monthly payments by ₦2.68 billion.
Pensioners who previously received benefits through the Nigeria Social Insurance Trust Fund saw a 1,173 percent increase in their payments after a 21-year gap in benefit reviews. President Bola Tinubu approved a ₦758 billion intervention bond to settle long-standing pension debts, benefiting 957,045 people. PenCom also introduced a “zero waiting time” policy to ensure federal retirees receive payments immediately upon leaving service and reduced benefit approval times to 48 hours.
Looking ahead, PenCom plans to launch additional benefits including an Exit Benefit Scheme for eligible government employees starting January 1, 2026, and PenCare, a free healthcare initiative for low-income retirees. The commission also intends to establish a Minimum Pension Guarantee for those in the contributory scheme. Since July 2024, Nigeria’s pension assets increased by approximately ₦10.69 trillion, and 938,229 people joined the Contributory Pension Scheme.
