The National Pension Commission PenCom has explicitly made clear how its intervention pulled out the lives of NSITF retirees from the backyard of live to the living quarters by directing a full review and delivered an unprecedented increase of 1173 per cent on the average.
By the increase the Director General, PenCom Ms Omolola Oloworaran, to journalists at the 2026 annual media conference in Lagos, that the combined monthly pension for 2116 NSITF retirees rose from N12.6 million to N159.95 million.
Ms Omolola said in addition to that, arrears totalling N8.7 million was paid and a retiree who prior monthly benefit was N18,000.00 now receives N206,000.00. However, the retiree was indisposed and could not be present to reinforce the fact.
Pouring out stats at the event with the theme, “From Reform to Reality: Renewal of Pension Security for Nigerians” the DG said 241,000 retirees under the contributory pension scheme CPS gets monthly pension and there was an increase in the total payout since the directive was acted upon. Payments rose from N12.15bn to N14,83bn.
She also recalled another win for retirees who were retrieved from the brink. “Again for the first time, the Federal Government cleared all liabilities it inherited. Some of them dating back to 2007, almost two decades,” Through the FG bond intervention N758bn was released to for one million retirees and already 957,045 retirees have recived their benefits.
Up and until the bond was approved, the DG cleared that, “These obligations were passed from one administration to the next. This administration chose to settle it. That is what statesmanship looks like. Its not a promise, it is debt paid.”
She underlined the fact that for the first time, accrued pension rights have been paid as and when due. And in many cases ahead of time.
