{
  "id": 14264876,
  "title": "CPS: Retirees’ monthly pension payments rise 22% under Tinubu – PenCom",
  "url": "https://urgent.news/2026/10/13/cps-retirees-monthly-pension-payments-rise-22-under-tinubu-pencom",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T18:40:12.000Z",
  "source": {
    "name": "Daily Post Nigeria",
    "slug": "daily-post-nigeria",
    "url": "https://dailypost.ng/2026/10/13/cps-retirees-monthly-pension-payments-rise-22-under-tinubu-pencom/"
  },
  "original_language": "en",
  "account": "The National Pension Commission (PenCom) in Nigeria revealed that monthly pension payments to retirees under the Contributory Pension Scheme (CPS) have risen by 22 per cent, reaching N14.83 billion. Director-General Omolola Oloworaran made the announcement during a press briefing in Abuja on Tuesday. This increase, which saw an additional N2.68 billion compared to the previous N12.15 billion, represents a significant 22 per cent rise in pension payments for retirees who have contributed to the country's pension system.\n\nOloworaran attributed this substantial increase to the reforms implemented under President Bola Ahmed Tinubu's administration. She highlighted that these reforms have alleviated the challenges faced by ordinary Nigerians in the pension sector. Notably, the monthly pension payments to NSITF retirees have surged by 1,173 per cent, jumping from N18,000 to the substantial N206,000 after 21 years of waiting.\n\nUnder the Pension Boost 1.0 initiative, more than 241,000 retirees across the CPS received an across-the-board pension increase. This has resulted in a total monthly pension payment hike from N12.15 billion to the enhanced N14.83 billion. Furthermore, the commission paid N8.70 billion in overdue pension arrears, marking a breakthrough in addressing the long-standing financial challenges faced by retirees.\n\nOloworaran also announced that PenCom has taken steps to automate the process of imposing penalties on employers who fail to remit workers' pension contributions. Moreover, the commission is striving to ensure that complaints regarding the Contributory Pension Scheme are resolved within 24 hours, improving the overall efficiency and responsiveness of the pension administration system.",
  "summary": "Nigeria’s National Pension Commission (PenCom) has said monthly pension payments to retirees under the Contributory Pension Scheme (CPS) increased by 22 per cent to N14.83 billion. The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday during a briefing in Abuja. She said that under President Bola Ahmed Tinubu’s administration, monthly pension payments to retirees […] CPS:…",
  "key_points": [
    "Monthly pension payments to retirees under CPS increased by 22% to N14.83 billion.",
    "Increase attributed to reforms under President Bola Ahmed Tinubu's administration.",
    "NSITF retirees' pension payments surged 1,173% from N18,000 to N206,000."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}