PenCom's Omolola Oloworaran Announces Pension Reforms

Omolola Oloworaran, the Director General of the National Pension Commission (PenCom), announced significant improvements in the pension system during the 2026 PenCom Conference for journalists in Abuja. The ongoing pension reforms have enhanced retiree welfare and increased pension assets to N31.4 trillion.

For the first time under the Contributory Pension Scheme (CPS), retirees received pension increases through Pension Boost 1.0, benefiting over 241,000 retirees with monthly pensions rising from N12.15 billion to N14.83 billion. The Federal Government has cleared pension liabilities dating back to 2007, with President Tinubu approving a N758 billion intervention for 957,000 beneficiaries.

Key reforms include a zero waiting time policy for federal retirees, approval of retirement benefits within 48 hours, and the introduction of an exit benefits scheme for eligible employees. PenCom also plans to launch two new programs during National Pension Week from October 26 to 30, 2026, aimed at providing health care and minimum pension guarantees for low-income retirees.