In a major relief for retirees under Nigeria’s Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has increased monthly pension payments from N8.3 billion to N11.9 billion.

The upward review, which takes effect from June 2025, follows the introduction of a new initiative tagged Pension Boost 1.0.

Announcing the development at the second quarter press conference organised by the commission in Lagos over the weekend, the Director-General of PenCom, Ms. Omolola Oloworaran, described the enhancement as a strategic improvement anchored on rising investment returns and a revised pension enhancement template.

“This is not just an adjustment, it is a transformative leap for over 233,000 retirees under the programmed withdrawal plan. Our new Pension Boost framework ensures pension amounts reflect the performance of Retirement Savings Accounts (RSA),” Oloworaran stated.

She clarified that only retirees under the programmed withdrawal benefit structure are eligible for the enhancement, while annuity retirees remain outside the scope of the adjustment.

The DG further disclosed that pension arrears for Federal Government retirees under Treasury-funded Ministries, Departments, and Agencies (MDAs) have been settled up to March 2025.

This progress, she noted, was bolstered by President Bola Tinubu’s approval of a N750.8 billion bond aimed at clearing outstanding pension liabilities.

“We are building a pension system that is transparent, inclusive, and unshakable and we are restoring faith in retirement,” Oloworaran said. She issued a stern warning to employers delaying pension remittances and operators lagging in compliance.

“Your grace period is over. There will be consequences,” she stated.