The Director-General of the National Pension Commission, Omolola Oloworaran, has asserted that the Contributory Pension Scheme has completely rewritten Nigeria’s pension narrative over the last two decades.

Ms. Oloworaran made this declaration during the Stakeholders’ Conference on the Workings of the CPS for employees and pensioners of the federal government treasury-funded Ministries, Departments, and Agencies in Abuja on Thursday.

The event was jointly organized by PenCom and the National Salaries, Incomes and Wages Commission.

Ms. Oloworaran highlighted the transformation achieved by PenCom, noting that the agency successfully moved the system from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

She provided key figures to illustrate the scheme’s monumental growth and impact: “More than 10 million Nigerians, from public service employees to private sector workers, and even artisans and the self-employed, under the Personal Pension Plan, are covered under the CPS.”

She further detailed the financial security provided by the scheme, saying: “Pension assets have grown to over N25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”

Ms. Oloworaran listed several life-changing interventions rolled out by PenCom, such as Pension Boost 1.0 – an initiative that enhanced pensions for over 241,000 retirees, representing 80 percent of those under programmed withdrawal. She noted that monthly pensions consequently rose from N12.157 billion to N14.837 billion in June 2025.

According to her, there is now zero waiting time for pension payments. She stated that since July, retirees no longer have to wait to access their pensions, noting that payments are now made immediately and are aligned with monthly salary releases from the Federal Ministry of Finance.

Other interventions cited included the reintroduction of gratuity for civil servants, the issuance of FGN bonds for pension liabilities, stronger prudential standards for operators, and the issuance of five new regulations under the Pension Revolution 2.0 initiative.

She also cited the introduction of free health insurance for retirees, which would begin later in the year, starting with pensioners in lower-income categories, an initiative designed to ensure dignity and security beyond financial pensions.

Despite these significant achievements, Ms. Oloworaran acknowledged that challenges persist, noting that coverage expansion is still limited, as several states and employers have yet to achieve full compliance.

She also noted that public skepticism, often rooted in painful past experiences, continues to undermine trust in the system.

The Director-General stressed the importance of public engagement, stating: “This is why today’s engagement is so important. It gives us an opportunity to listen, explain, and build confidence together.”

To deepen public confidence and understanding, she explained PenCom’s further plans: “To deepen trust, PenCom will also embark on nationwide sensitisation workshops across all six geopolitical zones, ensuring that every federal employee and pensioner fully understands the CPS and can access its benefits without delay.”