The National Pension Commission (PenCom) on Tuesday, December 16, in Abuja, said the federal government has disbursed over N577 billion of the N758 billion approved by president Bola Tinubu to clear outstanding pension liabilities under the Contributory Pension Scheme (CPS).
Omolola Oloworaran, Director-General (DG) of PenCom, confirmed this at the 2025 Pension Revolution Summit.
On February 4, the president approved N758 billion to settle long-standing pension liabilities under the CPS for federal workers across the country.
Oloworaran said the payments covered pension increases, contribution shortfalls and other legacy obligations owed to retirees and contributors.
She said the total amount released was N757.9 billion, with N387 billion earmarked for pension increases.
According to Oloworaran, N362.7 billion from the pension increase component has been paid to more than 9.1 million retirees, while the balance of about N24.7 billion is still being processed.
She added that N107 billion was also remitted to address a 2.5 percent pension contribution shortfall by the federal government between 2017 and 2021, benefitting about 750,223 Retirement Savings Account (RSA) holders.
She noted that funds were also deployed for the pension protection fund and the minimum pension guarantee.
“In total, N577.5 billion has already hit the RSAs of retirees and contributors, impacting over 1.05 million accounts,” she said.
Oloworaran said the intervention marked a major step in restoring confidence in the pension system and signalled the federal government’s commitment to honouring its obligations to workers and retirees.
Reflecting on her first year in office, she said the commission launched Pension Reform 2.0, a wide ranging agenda covering governance reforms, stronger supervision, digital transformation and industry realignment.
She noted the reforms had produced measurable outcomes, including improved pension payments, stronger compliance and enhanced retiree welfare.
Oloworaran said the introduction of ‘Pension Boost 2.0’ had added N2.68 billion to monthly pension payments for CPS retirees since June.
“These are not just numbers. They are meals on tables, rents paid, debts settled and dignity preserved,” she said.
On technology, she said PenCom had automated critical pension processes, including pension clearance certificates, benefit processing and contribution remittance platforms.
She also announced the inauguration of the board of trustees of the Pension Healthcare Initiative (PenCare), aimed at providing affordable healthcare for low-income retirees
The recoveries of unremitted pension funds rose to N4.04 billion between January and November 2025, up from N1.44 billion recorded in the entire 2024, following the implementation of stricter enforcement measures.
“In the third quarter of 2025 alone, N2.06 billion was recovered, equalling the total recovery for the entire 2024,” she said.
Oloworaran said PenCom would continue to enforce compliance, adding that innovation, service excellence and accountability were non-negotiable for pension operators.
“Retirement security is not a privilege; it is a right, and PenCom will defend it,” she said.
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