Yemisi Izuora
Nigeria’s pension fund assets rose by N10.7trillion in two years according to information provided by the industry regulator.
According to available figures the assets rose between N20.79 trillion in July 2024 to N31.48 trillion in July 2026.
Also, about 30,000 retirees will get free healthcare service, starting from November, 2026.
Speaking at the 2026 National Pension Commission (PenCom) Media Conference themed ‘From Reform To Reality: Renewed Hope, Pension Security for Nigerians, ‘ in Ikeja, Lagos on Tuesday, the director general, PenCom, Ms. Omolola Oloworaran said, the N10.7 trillion represents additional retirement wealth over the period.
She added that, 938,229 Nigerians joined the Contributory Pension Scheme(CPS).within the same period, expanding the pool of formal retirement savings.
“Pension funds are diversifying, investing in Nigeria, investing in real assets, and building better retirement outcomes for contributors,” she said.
The PenCom boss also disclosed that monthly pension payments for more than 241,000 retirees increased from N12.15 billion to N14.83 billion following the implementation of pension adjustments.
In another major intervention, Oloworaran disclosed that, Treasury-funded Ministries, Departments and Agencies (MDAs) now have an exit benefit scheme.
Under the scheme, which took effect from January 1, 2026, eligible employees with at least 10 years of qualifying service receive an additional benefit equivalent to 100 per cent of their total emolument, on top of their normal pension benefits.
She said, the first 175 retirees had already received approximately N1.1 billion under the scheme. This is a full year’s pay as an additional benefit, she said, describing it as a demonstration of government’s commitment to workers and retirees.
Oloworaran further revealed that PenCom had dramatically reduced the time required to process retirement benefits. According to her, retirement benefits that previously took as long as 21 months to approve are now processed within 48 hours for eligible Federal Government workers.
She added that, private-sector retirement benefits, which previously took at least two weeks even under the fastest circumstances, are also now being approved within 48 hours.
Meanwhile, Oloworaran announced two major initiatives aimed at strengthening retirement security.
The first is the PenCare Retiree Health Programme, which will provide eligible low-income retirees with access to essential healthcare at no cost, beginning with 30,000 retirees in its initial phase.
The second is the Minimum Pension Guarantee, which she said, would, for the first time, establish a floor below which eligible retirees under the Contributory Pension Scheme would not fall.
No Nigerian should retire into poverty and no Nigerian should retire into ill health, she said.
Oloworaran urged eligible Federal Government employees and Ministries, Departments and Agencies to complete the ongoing verification and enrolment exercise before its December 2026 deadline.
She said, approved pension rights had already been credited to the Retirement Savings Accounts(RSA) of enrolled Federal employees due to retire up to December 2029.
The PenCom DG warned employers against deducting pension contributions from workers’ salaries without remitting the funds to their Retirement Savings Accounts.
“A deduction on a payslip that does not reach a Retirement Savings Account is a breach of trust and a breach of the law,” she warned.
She disclosed that, recoveries from defaulting employers had reached N36.6 billion as of July 2026, surpassing the previous year’s record..“We will find what is owed, we will recover it and we will hold those responsible for every delay in pension remittances to account,” she said.