Over 844,000 Pensioners Benefit from Retirement Benefits Under CPS in Nigeria

The National Pension Commission (PenCom) revealed that 844,000 pensioners in Nigeria are currently receiving retirement benefits under the Contributory Pension Scheme (CPS). The CPS, established in 2004 and amended in 2014, has transformed Nigeria's pension landscape, providing steady and transparent benefits to retirees.

PenCom's Director-General, Omolola Oloworaran, highlighted the scheme's success in addressing unpaid pensions and ensuring dignity in retirement. The total pension assets have grown to N25 trillion, fueling national development through strategic investments.

Monthly pension payments have increased, with no waiting time for retirees to access their benefits. The reforms aim to protect contributors and guarantee a dignified retirement for Nigerians.