The National Pension Commission (PenCom) has paid more than N577.26 billion to retirees and pension contributors, following the Federal Government’s landmark intervention to clear long-standing pension liabilities.

PenCom Director-General, Ms. Omolola Oloworaran, announced the figures during the “2025 Pension Revolution Summit – A 365 Days Scorecard,” where she outlined reforms, payouts, and structural improvements achieved over the past year.

Oloworaran revealed that the Federal Government approved N758 billion to settle outstanding pension obligations, describing it as one of the most historic milestones in Nigeria’s pension industry. Funds were raised through the bond market and used to address pension increases, accrued rights, and other legacy liabilities.

“The National Pension Commission has disbursed N362.74 billion to approximately 194,000 retirees from the N758 billion realised. The remaining balance of about N24.7 billion is currently being processed,” she said. A significant portion of the funds went to security personnel, with 32% (around N132 billion) paid to the Nigeria Police.

Oloworaran also highlighted the rollout of the minimum pension guarantee framework, aimed at supporting retirees on the lower end of the income scale. In addition, PenCom remitted N107 billion to cover the Federal Government’s outstanding 2.5% pension contributions for 2017–2021, crediting 750,223 individual retirement savings accounts. Payments to professors under approved pension enhancements are also ongoing.

Overall, the cumulative disbursement has directly benefited more than 1.05 million retirement savings accounts nationwide, totaling N577.26 billion. Oloworaran emphasized the significance of the intervention, noting that it sends a strong message of Nigeria’s commitment to its workforce: “This unprecedented action shows that Nigeria honours its promises to workers and retirees.”

PenCom has also launched Pension Post 1.0, improving benefit adequacy and adding N2.6 billion to monthly pension payments since June. “These are not just numbers—they represent meals on tables, medicine purchased, debts settled, and dignity preserved,” Oloworaran said.

On technology-driven reforms, PenCom has automated pension payroll certification, benefit processing, and contribution maintenance platforms through the COBRA system, now fully operational. The Commission also inaugurated the Board of Trustees for the Pension Healthcare Initiative (PENCARE) to provide affordable healthcare for low-income retirees.

To strengthen the sector further, PenCom established the Pension Industry Leadership Council to promote collaboration, accountability, and innovation. The Commission also restructured the micro-pension plan into the Personal Pension Plan, simplifying enrolment for informal sector workers and creating employment opportunities through accredited pension agents.

Regulatory reforms included raising capital requirements for pension operators and tightening governance rules to eliminate shadow directorships. Compliance enforcement has been strengthened by linking pension clearance certificates to pension-related transactions, resulting in a surge in recoveries from N1.44 billion in 2024 to N4.04 billion by November 2025—a 180% increase.

Oloworaran concluded, “These results show that compliance improves when tied to real economic consequences, demonstrating that transparency, accountability, and fit-and-proper leadership are non-negotiable in the pension industry.”