PenCom Boosts Nigeria's Pension Assets to ₦31.48 Trillion

Nigeria's pension assets have increased to ₦31.48 trillion, according to the National Pension Commission (PenCom). Director General Omolola Oloworaran announced at the 2026 PenCom Media Conference that reforms are yielding higher monthly payments, clearing outstanding benefits, and reducing the wait for retirement income.

The Pension Boost 1.0 initiative has raised monthly pensions for over 241,000 retirees under the Contributory Pension Scheme. Total monthly payments rose from ₦12.15 billion to ₦14.83 billion, with some beneficiaries experiencing cumulative increases of up to 100 percent.

Pensioners under the defunct Social Insurance Trust Fund received their first benefit review in 21 years, resulting in a 1,173 percent increase. Outstanding arrears of ₦8.7 billion were paid to 2,116 retirees.

A ₦758 billion intervention bond approved by President Bola Tinubu facilitated the settlement of inherited pension liabilities. PenCom aims to implement a zero waiting time policy for federal retirees and reduce retirement benefit approval processing from 21 months to 48 hours.