The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, on Thursday disclosed that monthly pension payments rose to N14.837 billion in June 2025, under its Pension Boost 1.0 initiative.
Oloworaran made the disclosure in Abuja at a Stakeholders’ Conference jointly convened by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), focusing on the “Workings of the Contributory Pension Scheme (CPS).”
She highlighted that the Commission’s Pension Boost 1.0 is enhancing pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal.
“Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025,” she added.
Pension Update
“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” the official added.
The official stressed that the minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians have been revised to ensure greater financial stability, service delivery, and technological resilience.
He listed the five new regulations under the Pension Revolution 2.0 initiative to include Whistle Blowing Guidelines for Pension Fund Assets, Revised Regulation on Investment of Pension Fund Assets, Framework for Accredited Pension Agents under the Personal Pension Plan, Guidelines for the Personal Pension Plan, Circular on Revised Minimum Capital Requirements for PFAs and PFCs, and Introduction of Free Health Insurance for Retirees.
However, the official admitted that challenges remain, citing limited coverage expansion and the fact that several states and employers have yet to fully comply with the pension scheme.
“Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system,” the official said.
Naijaonpoint previously reported in June 2025 that PenCom had launched Pension Boost 1.0, a new initiative under the Contributory Pension Scheme (CPS) designed to enhance monthly payments to retirees nationwide.