Ms. Omolola Oloworaran, the Director General and Chief Executive of the National Pension Commission (PenCom), announced that the accrued pension rights for prospective federal government retirees have now been fully funded for up to 21 months. This assurance comes as part of the ongoing efforts to enhance the financial sustainability of the Contributory Pension Scheme (CPS), aiming to provide timely retirement benefits for individuals exiting service.
Oloworaran made these remarks during her address at the 2026 Pension Correspondents Association of Nigeria (PenCAN) conference held in Abuja, which focused on the theme, “The Role of Regulator, Operators in Actualising Nigeria’s $1 Trillion Economy Target.” She emphasized the importance of this development in reducing uncertainties regarding future retirement payments.
Additionally, she highlighted that the federal government has approved the full payment of gratuity for employees retiring under the CPS, effective January 1, 2026, with eligible beneficiaries beginning to receive these payments.
Oloworaran, represented by Mr. Ibrahim Buwai, the Head of the Corporate Communications Department at PenCom, stated that the commission is advancing from mere policy declarations to actual benefit delivery. One notable initiative is the Minimum Pension Guarantee (MPG), which has already commenced, providing certain low-income retirees with automatic increases in their monthly pensions.
This intervention is designed to safeguard vulnerable retirees, ensuring their monthly pensions meet a minimum financial threshold. Oloworaran noted that many pensioners currently receive minimal pensions, which can hinder their ability to manage rising living costs.
The PenCare initiative was also introduced to alleviate the medical expenditure burden on retirees, ultimately preserving their monthly pension income for essential needs. The funding for this initiative will be supported through pension fund resources, participating companies, and contributions from development partners and donors.
In the broader context, Oloworaran expressed that these initiatives reflect a shift in the pension industry focus from merely accumulating savings to improving the quality of life and financial security for pensioners. She called on stakeholders, including the media, to maintain vigilance over the industry to ensure transparency and accountability.
