PenCom Reports N14.83bn Monthly Pension for Retirees
Monthly pension payments to retirees under Nigeria's Contributory Pension Scheme (CPS) have risen to N14.83 billion, benefiting more than 241,000 retirees, as disclosed by Ms Omolola Oloworaran, the director-general of the National Pension Commission (PenCom), at the 2026 Media Conference in Lagos. This increase from N12.15 billion aims to cushion retirees against the rising cost of living.
Oloworaran also announced the introduction of a Minimum Pension Guarantee to ensure that no CPS retiree earns below a set threshold. Additionally, the federal government has implemented a 100 percent exit benefit for employees of Treasury-funded Ministries, Departments, and Agencies (MDAs), effective January 1, 2026, with 175 retirees already receiving about N1.1 billion under this scheme.
PenCom is also launching the PenCare Retiree Health Programme to provide free healthcare to low-income retirees. Furthermore, the federal government has cleared all inherited pension liabilities dating back to 2007 through a N758 billion intervention bond.
Nigeria's pension assets currently stand at N31.48 trillion as of July 2026.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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