*PenCom orders 48-benefit approval timeline
*938,229 new contributors onboarded in two years

Pension assets under management in Nigeria’s Contributory Pension Scheme (CPS) rose by 51 per cent in the past two years, increasing from N20.79 trillion in July 2024 to N31.48 trillion as of July 2026, the National Pension Commission (PenCom) has said.

PenCom Director-General, Omolola Oloworaran, disclosed this on Tuesday during a State House briefing in Abuja, where she presented the pension sector’s performance scorecard for the first two years.

In the market update presentation, the commission said the N10.7 trillion increase in pension assets represents the fastest two-year expansion since the CPS was introduced, driven by stronger contributor confidence, wider participation and investment returns.

The commission also reported growth in pension enrolment, with the number of contributors rising from 10.42 million in July 2024 to 11.32 million as at July 2026, adding 938,229 new contributors within the review period.

PenCom said it also prioritised retirees’ welfare during the period. Under its Pension Boost 1.0 initiative, monthly pension payments to CPS retirees increased by 22 per cent, from N12.2 billion to N14.9 billion.

The commission added that retirees had been captured under the N32,000 consequential adjustment arising from the 2024 national minimum wage review.

According to PenCom, the increase applies to more than 195,000 pensioners from treasury-funded ministries, departments and agencies (MDAs) who retired on or before July 29, 2024.

It also highlighted a review of pensions under the defunct Nigeria Social Insurance Trust Fund (NSITF) scheme, where benefits had remained unchanged for 21 years. PenCom said one retiree’s monthly pension rose from N18,000 to N206,000, while N8.7 billion in arrears was paid to 2,116 retirees under the exercise.

The number of retirees receiving pension benefits also increased from 658,811 in July 2024 to 819,411 in July 2026, while cumulative pension benefit payments rose from N2.3 trillion to N3.44 trillion. The commission added that all pension fund administrators (PFAs) have now been directed to process and approve retirement benefits within 48 hours.

On pension compliance, PenCom said recoveries of unremitted employer pension contributions rose from N28.6 billion to N36.6 billion, supported by the enforcement of Pension Clearance Certificates and collaborations with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC). It added that work was ongoing on a presidential executive order to strengthen compliance.

A major highlight of the intervention was the Federal Government’s N758 billion Pension Bond to clear outstanding pension liabilities dating back to 2007. It said the bond comprises N387.5 billion for pension increases, N253 billion for accrued pension rights, N107 billion for the Pension Protection Fund and N10 billion for professors’ retirement benefits, benefiting about 957,045 pensioners.

The commission said the intervention had eliminated the backlog of accrued pension rights inherited in 2024. According to PenCom, the administration inherited 21 months of unpaid accrued pension rights, but payments have now been made up to December 2029 for 73,732 beneficiaries, representing what it described as a 41-month surplus.

It also announced a new end-of-service benefits policy that grants retiring employees of treasury-funded MDAs 100 per cent of their annual emoluments as terminal benefits.

Oloworaran described the past two years as a significant milestone for the Contributory Pension Scheme, saying the focus would now be on expanding pension coverage beyond the formal sector while strengthening retirement security for Nigerians.

The commission also said it was developing investment frameworks to enable pension funds to support infrastructure development in roads, ports, energy, healthcare, education, and agriculture under its proposed Pension Revolution 2.0 initiative.