The National Pension Commission (PenCom) has announced an additional N2.68 billion in monthly pension payments to retirees under the Contributory Pension Scheme (CPS), following the rollout of a new pension enhancement initiative.
The Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday in Abuja during the 2025 PenCom–Civil Society Conference, stating that the increase was achieved through the launch of Pension Boost 1.0, a scheme aimed at improving the adequacy of retirement benefits for Nigerian retirees.
According to Oloworaran, the initiative has significantly raised the monthly pensions paid to CPS retirees nationwide.
“We added N2.68 billion to monthly pension payments for CPS retirees,” she said.
Oloworaran was represented at the event by the Director of the Contribution and Bond Redemption Department, Usman Musa.
She also revealed that PenCom had restructured the Micro Pension Plan into a more inclusive Personal Pension Plan (PPP) as part of efforts to expand pension coverage, especially within Nigeria’s vast informal sector.
The PPP, she explained, is designed to cater to artisans, traders, transport workers, gig economy participants, and self-employed professionals, with the goal of enrolling millions of informal sector workers into the pension system.
PenCom believes the reforms will strengthen retirement security, deepen financial inclusion, and ensure more Nigerians can access stable income after active service.
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