The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, announced that the Federal Government has successfully funded the accrued pension rights of its enrolled workers up to December 2029. This declaration was made during the 2026 Pension Correspondents Association of Nigeria Conference held in Abuja.
This funding resolution marks a significant improvement, as the government has reversed a backlog of 21 months in pension funding to establish a surplus of 41 months. Oloworaran, represented by PenCom’s Head of Corporate Communications, Ibrahim Buwai, stated that the government has addressed previous delays, which have now been eliminated, allowing for the processing of retirement benefits within 48 hours.
Additionally, during the conference, Oloworaran highlighted the launch of the PenCare health insurance program and a minimum pension guarantee of N52,500 initiated by President Bola Tinubu. The PenCare program aims to alleviate healthcare costs for retirees, enabling them to allocate their pensions toward other living expenses. This initiative is supported by pension operators and overseen by a board of trustees.
Regarding the minimum pension guarantee, it was explained that retirees who receive less than N52,500 will have their pensions adjusted upward. Some beneficiaries reported receiving payment notifications during the program’s launch. Furthermore, effective January 1, 2026, the Federal Government will also offer additional exit benefits equivalent to 100 percent of terminal emoluments for eligible retirees.
