Nigerian Government Approves 1.173% Pension Increase for NSITF Retirees After Two Decades

The Nigerian government, under the leadership of President Bola Ahmed Tinubu, has approved a 1.173% increase in pensions for retirees of the Nigeria Social Insurance Trust Fund (NSITF) after almost two decades of protests for better benefits. The Pension Commission (PENCOM) disclosed in a statement that over 2,116 NSITF retirees will now receive a monthly pension totaling N159.95 million, with an additional N12.56 million in arrears.

This move demonstrates the government's commitment to the welfare of retirees. Each retiree is set to receive an average of N3 million in pension arrears, totaling N8.70 billion.

This marks the first pension increase for NSITF retirees in 21 years, aiming to address long-standing disparities and restore the value of benefits in line with statutory provisions and prevailing economic conditions.