PenCom's Omolola Oloworaran Announces Pension Reforms

Omolola Oloworaran, the Director General of the National Pension Commission (PenCom), announced at the 2026 PenCom Media Conference in Lagos that the long wait for pension benefits is over. Under the new "zero waiting time policy," federal retirees will now receive their pensions immediately upon retirement, rather than waiting for a monthly salary cycle.

This reform is part of the Renewed Hope Agenda, which has led to faster payments of retirement benefits and increased pensions for over 241,000 retirees, raising total monthly pension payments from N12.15 billion to N14.83 billion. Additionally, retirement benefits approval times have drastically improved, with federal government workers now receiving approvals within 24 hours, and private-sector retirees within 48 hours.

The reforms also include a N758 billion intervention approved by President Bola Ahmed Tinubu to settle inherited pension liabilities, marking a significant shift in Nigeria's pension administration.