PenCom says nearly one million new contributors joined the scheme as retirement approvals fall from months to 48 hours……
Nigeria’s pension industry has recorded a major expansion, with total pension fund assets climbing by N10.7 trillion in two years to N31.48 trillion as of July 2026.
The National Pension Commission, PenCom, said the assets, which stood at N20.79 trillion in July 2024, had grown by more than 51 percent, reflecting increased participation in the Contributory Pension Scheme, stronger investment performance and growing confidence in the pension system.
PenCom Director-General, Omolola Oloworaran, disclosed the figures on Tuesday during a media conference highlighting key developments in the industry.
According to Oloworaran, 938,229 Nigerians enrolled in the Contributory Pension Scheme between July 2024 and July 2026, further expanding the pool of workers saving towards retirement.
She said the combined growth in pension assets and contributors had strengthened the industry’s ability to provide retirement security while also making it an increasingly important source of long-term domestic capital for the economy.
Oloworaran also announced that the Federal Government had cleared inherited pension liabilities accumulated over several years through a N758 billion intervention bond.
She said the payment settled outstanding obligations dating as far back as 2007, describing the development as a significant step towards resolving long-standing liabilities owed to retirees.
“The Federal Government cleared all inherited pension liabilities, some dating back to 2007,” she said.
The commission also disclosed that pension adjustments introduced during the period had increased monthly payments for more than 241,000 retirees.
Monthly pension disbursements rose from N12.15 billion to N14.83 billion, according to the PenCom chief.
Oloworaran further disclosed that Treasury-funded Ministries, Departments and Agencies now operate an exit benefit scheme for eligible workers.
Under the arrangement, qualified retirees receive an additional benefit equivalent to 100 percent of their annual emolument upon retirement.
The scheme took effect on January 1, 2026, with the first 175 retirees already receiving about N1.1 billion in benefits.
PenCom has also significantly shortened the time required to process retirement benefits.
Oloworaran said approvals that previously took as long as 21 months can now be completed within 48 hours.
“For the first time, retirement benefits that used to take up to 21 months to approve are now approved within 48 hours,” she said.
She urged eligible Federal Government workers and Ministries, Departments and Agencies to complete the ongoing verification and enrolment exercise ahead of the December 2026 deadline.
As part of efforts to improve the welfare of retirees, the commission is introducing two new initiatives — the PenCare Retiree Health Programme and a Minimum Pension Guarantee.
The PenCare programme will provide free healthcare services to eligible low-income retirees, beginning with a pilot involving 30,000 beneficiaries.
The Minimum Pension Guarantee, meanwhile, is expected to establish a minimum pension threshold for eligible retirees covered by the Contributory Pension Scheme.
The latest developments come as Nigeria’s pension industry continues to expand rapidly.
PenCom’s most recent unaudited figures showed that pension fund assets had risen further to N31.8 trillion by August 2026, representing an increase of N3.8 trillion since the beginning of the year.
With pension assets now nearing the N32 trillion mark and Retirement Savings Account membership exceeding 11.3 million contributors, the industry is becoming an increasingly significant source of long-term capital for Nigeria while providing retirement income for millions of workers.
The continued expansion, however, is also putting greater focus on how pension funds are invested, the sustainability of retirement benefits and the ability of the system to deliver stronger welfare outcomes for contributors and retirees.
