More than 552,000 retirees across Nigeria are now receiving regular monthly pensions under the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has revealed.
The Commission also announced that total pension assets have surpassed ₦25 trillion, a major milestone in Nigeria’s pension reform journey and a reflection of the scheme’s growing role in national economic development.
The disclosure was made by PenCom’s Director-General, Ms. Omolola Oloworaran, during a two-day sensitisation workshop held in Yola, Adamawa State, for employees and pensioners in the North-East region. She was represented at the event by Alhaji Bello Abubakar, PenCom’s Commissioner for Administration.
According to Oloworaran, the achievement underscores the steady growth and stability of the CPS since its introduction in 2004. She noted that the scheme has not only ensured the prompt and consistent payment of retirement benefits but has also deepened Nigeria’s financial markets by mobilising long-term savings for investment in infrastructure and other sectors.
“With over ₦25 trillion in pension assets, the CPS has become a key driver of Nigeria’s economic stability, contributing significantly to national development,” she stated.
The sensitisation workshop aimed to raise awareness about the workings of the CPS, clarify misconceptions, and educate contributors on their rights and obligations under the scheme.
PenCom also reaffirmed its commitment to ensuring transparency, accountability, and improved service delivery in pension administration, while expanding coverage to informal sector workers through the Micro Pension Plan.
The success of the CPS marks a significant transformation from Nigeria’s old defined-benefit system, which was fraught with inefficiencies, delayed payments, and mounting liabilities. Today, the contributory model has become a cornerstone of retirement security and financial inclusion across the country.
