Commission says Pension Boost 1.0 improves retirement benefits, expands coverage to informal sector workers
The National Pension Commission (PenCom) has announced that retirees under Nigeria’s Contributory Pension Scheme (CPS) are now receiving an additional ₦2.68 billion in pension payments every month, following recent reforms aimed at improving retirement benefits.
The disclosure was made on Tuesday in Abuja by PenCom’s Director-General, Omolola Oloworaran, during the 2025 PenCom–Civil Society Conference.
According to Oloworaran, the increase followed the rollout of Pension Boost 1.0, an initiative introduced to enhance the adequacy of monthly pensions paid to retirees under the CPS.
“We have added ₦2.68 billion to monthly pension payments for CPS retirees,” she said.
Pension reforms target benefit adequacy
Oloworaran explained that Pension Boost 1.0 was designed to address long-standing concerns about low pension payouts, especially in the face of rising living costs.
She said the initiative reflects PenCom’s commitment to strengthening the sustainability and value of Nigeria’s pension system while ensuring retirees receive more meaningful post-retirement income.
The Director-General was represented at the event by Usman Musa, Director of the Contribution and Bond Redemption Department.
Informal sector focus through Personal Pension Plan
Beyond pension increases, PenCom also highlighted progress in expanding pension coverage to workers outside the formal sector.
Oloworaran said the commission recently restructured the Micro Pension Plan into the Personal Pension Plan (PPP) to make participation more flexible and attractive.
The PPP targets artisans, traders, transport workers, gig-economy participants and self-employed professionals, with the goal of bringing millions of informal sector workers into the pension net.
She noted that widening pension participation is critical to long-term social protection and financial security for Nigerians who do not work in salaried employment.
