Tinubu's Pension Reforms Boost Nigeria's Retirement Security

During a press briefing at the State House in Abuja on Monday, marking the second anniversary of her administration, Ms. Omolola Oloworaran, the Director-General of the Pension Commission (PenCom), reported that President Bola Ahmed Tinubu's reforms have notably improved retirement security in Nigeria. She highlighted that pension assets have risen from ₦20.79 trillion to ₦31.48 trillion, representing an increase of ₦10.7 trillion or 51% within two years.

Additionally, 938,229 new contributors joined the pension scheme during this period. Oloworaran noted significant achievements, including a 22% increase in monthly pension payments and the approval of ₦32,000 monthly adjustments for eligible pensioners, effective from July 29, 2024.

She described the recent review of pensions as a landmark achievement, marking the first adjustment in 21 years, with some retirees seeing their monthly pensions rise from ₦18,000 to ₦206,000. Furthermore, PenCom has intensified enforcement against employers failing to remit pension deductions, recovering ₦36 billion in outstanding contributions over the last two years.