The National Pension Commission (PenCom) has introduced a new initiative, Pension Boost 1.0, under the Contributory Pension Scheme (CPS), aimed at significantly enhancing monthly pension payments to retirees.
With the launch of the programme, total monthly pension disbursements will increase from ₦8.3 billion to ₦11.9 billion, effective from June 2025.
Speaking during the commission’s second-quarter media briefing in Lagos on Thursday, the Director-General of PenCom, Ms Omolola Oloworaran, said the move would directly benefit over 233,000 retirees, depending on their Retirement Savings Account (RSA) balances.
“We are introducing Pension Boost 1.0. This is the news every retiree has been waiting for.
“Effective this month, total monthly pension payments under the CPS will rise from ₦8.3 billion to ₦11.9 billion. This will directly benefit over 233,000 retirees, depending on their pension account balances.”
Oloworaran described the initiative as a strategic leap made possible by improved RSA investment performance and economic reforms introduced under the administration of President Bola Tinubu.
“This is not a token gesture. It’s a result of sound investment returns and a visionary framework for pension enhancement.
“It is driven by our newly modified standard pension enhancement template, a transparent structure that allows upward pension adjustments as investment returns increase. This is just the beginning.”
The PenCom chief also disclosed that the commission had made substantial progress in clearing the backlog of pension arrears, with all retirees up to March 2025 having now received both their accrued pension rights and monthly entitlements.
Also Read: Tinubu Requests NASS Approval for $21.5bn Loan, ₦757.9bn Pension Bonds
She praised President Tinubu for his role in resolving pension liabilities, particularly through the approval of a ₦758 billion bond to clear outstanding arrears.
“Thanks to the decisive leadership of President Tinubu, we’ve seen stable and consistent releases of funds for accrued rights since November last year. The end of pension arrears is very, very near.
“President Tinubu’s approval of the ₦758 billion bond to clear pension liabilities is further proof that this administration is rewriting the retirement narrative in Nigeria.”
Reiterating PenCom’s mission, Oloworaran said the commission is committed to building a transparent, inclusive, and resilient pension system.
“We are restoring faith in retirement. We are rewarding work with dignity.”
She also sent a strong message to defaulting employers and complacent pension operators.
“To employers with late pension remittances, your grace period is over. To operators who remain complacent, there will be consequences. And to every Nigerian worker, we see you, we hear you, and we will protect your future.
“Let the pension industry take note: this is a new era, and we are not going to turn back. We will continue to move forward.”
