The waiting for processing retirement benefits for intending retirees has dropped to 48 hours. in the past processing period could last for as long as 21 months.
This was disclosed Tuesday, October 6, 2026 in Lagos at the 2026 PenCom Media Conference by the Director General National Pension Commision, Ms Omolola Oloworaran, where she outlined the far reaching overhaul that has transformed the service delivery; overhaul of the retirement payment system, including a policy designed to synchronise pension payments with mnthly salary cycles and prevent workers from experiencing financial gap when they exit service.
Oloworaran said the zero waiting time policy that has been secured which the Commission has put on the shelve of achievements and focused on other challenges, is in tandem with monthly public srvice salary cycle. This reform she emphasised was to ensure that retirement did not translate into financial choke time for workers after they have served their country.
She also recast the settlement of pension liabilities accumulated since 2007 which was wiped off the books through a N758bn intervention bond benefiting 957,045 pensioners.
“The Federal Government cleared all inherited pension liabilities, some dating back to 2007. These obligations passed through multiple administrations, but this government chose to settle them. That is statesmanship – a debt paid, not just a promise,” she declared.
With content the PenCom Dg said accued pension rights for Federal workers scheduled to retire by December 2029 have already been accredited to their retirement savings accounts. This trump card she noted, was pulled through as a result of the comprehensive verification and enrolment exercise and a hedge to the accumulation of unpaid retirement benefits.
Another enduring good score is the huge financial relieve to pensioners under legacy schemes. A review of the 21 year payments to retirees of the defunct Nigeria Social Insurance Trust Fund, led to 1,173 per cent increase in benefits for 2116 retirees, while N8.7bn arrears was cleared.
Also seen as a landmark is the pension boost 1.0 which increased monthly payments under the CPS from N12.15bn to N14.83bn, raising the monthly benefits received by more 241,000 retirees nationwide.
PenCom boss said government wants to make sure that both those in service and retirees get treatment that fits their service and that pensioners are in a position to express that their retirement rights are honoured.
