Oloworara: Pencom Additional N10.7tn Retirement Wealth in Two Years

The Director General of the National Pension Commission (PenCom), Ms Omolola Oloworara, disclosed that the agency generated an additional N10.7 trillion retirement wealth over the past two years. During the 2026 annual media conference in Lagos, she attributed this growth to various reforms occurring within the pension sector. Oloworara highlighted that 2,116 retirees under the treasury-funded pension scheme and those under the National Social Insurance Trust scheme witnessed a remarkable 1,173% increase in their take-home benefits.

This relief was instrumental in ending a 21-year period of stagnation in pension benefits. Additionally, 938,229 Nigerians became part of the Contributory Pension Scheme (CPS) during this time, thereby expanding the pool of formal retirement savings. Following the implementation of pension adjustments, the monthly pension payments for over 241,000 retirees surged from N12.15 billion to N14.83 billion.

Oloworara also introduced an exit benefit scheme for Treasury-funded Ministries, Departments, and Agencies (MDAs), which came into effect on January 1, 2026. This scheme grants eligible employees with at least 10 years of qualifying service an additional benefit equal to 100% of their total emolument, besides their standard pension benefits.

The first 175 retirees already received approximately N1.1 billion under this scheme, equivalent to a year's pay, signifying the government's commitment to workers and retirees. Oloworara also emphasized the swift reduction of pension payment delays, with retirement benefits that once took up to 21 months to process now approved within 48 hours for eligible Federal Government workers.

She added that private-sector retirement benefits, previously taking at least two weeks, are now processed within the same timeframe.