The National Pension Commission (PenCom) has launched Pension Boost 1.0, a new initiative under the Contributory Pension Scheme (CPS) designed to enhance monthly payments to retirees nationwide.
The announcement came during PenCom’s second-quarter media briefing held Thursday in Lagos, where Director-General, Ms. Omolola Oloworaran, revealed that total monthly pension disbursements have been increased from N8.3 billion to N11.9 billion, effective June 2025.
“This is the news every retiree has been waiting for,” Oloworaran declared. “Over 233,000 retirees will now see increased monthly payments, dependent on their Retirement Savings Account balances.”
The DG described Pension Boost 1.0 as a milestone achievement driven by the strong performance of RSA investments and supported by critical economic reforms initiated under the administration of President Bola Ahmed Tinubu.
The enhancement, she explained, stems from PenCom’s updated Standard Pension Enhancement Template, a performance-based model that allows pensions to be adjusted upward in line with investment returns.
According to Oloworaran, the model introduces “a transparent, growth-oriented structure that rewards contributors as the economy improves.”
“This is not a token gesture,” she added. “It represents a sustainable improvement and a renewed vision for retirement dignity in Nigeria. And it is just the beginning.”
In addition to the boost in payouts, PenCom reported significant progress in clearing pension arrears. All retirees who exited the service up to March 2025 have now received both their accrued pension rights and ongoing monthly entitlements.
The DG extended gratitude to President Tinubu for his decisive action in approving a N758 billion bond to offset outstanding pension liabilities, an intervention she described as “a landmark move” that demonstrates the administration’s unwavering commitment to the welfare of Nigerian retirees.
“We’ve seen consistent and stable releases of pension funds since last November,” Oloworaran noted. “The end of pension arrears is very, very near.”
Reaffirming PenCom’s commitment to transparency and accountability, she emphasized the commission’s mission to build an inclusive, resilient pension system that prioritizes the dignity and financial security of workers and retirees alike.
“We are restoring faith in retirement. We are rewarding work with dignity,” she affirmed.
Addressing regulatory compliance, Oloworaran issued a stern warning to defaulting employers and underperforming pension operators.
“To employers with late remittances, your grace period is over. To complacent operators, expect consequences. And to every Nigerian worker, we see you, we hear you, and we will protect your future,” she concluded. “The pension industry must understand: this is a new era. There’s no turning back.”