Pension Funds Hit N31.48trn As Nigeria Adds N10.7trn In Two Years

Nigeria’s pension industry has recorded a N10.7 trillion increase in assets in two years, with total pension fund assets rising from N20.79 trillion in July 2024 to N31.48 trillion in July 2026.

The National Pension Commission (PenCom) disclosed the figures as it outlined recent reforms and developments in the pension sector.

PenCom Director-General, Omolola Oloworaran, who disclosed the figures during a media conference on Tuesday, said the growth represents an increase of more than 51 per cent over the two-year period.

She attributed the expansion to increased participation in the Contributory Pension Scheme (CPS), improved investment performance and rising confidence in Nigeria’s pension system.

Oloworaran said 938,229 Nigerians joined the CPS within the period, further expanding the pool of workers contributing towards retirement.

She said the simultaneous growth in pension assets and contributors had strengthened the sector’s capacity to mobilise long-term domestic capital and provide greater retirement security.

FG Settles Pension Debts Dating Back To 2007

The PenCom chief also announced that the Federal Government had cleared inherited pension liabilities, including some obligations dating back to 2007.

She said the government used a N758 billion intervention bond to settle the outstanding liabilities.

According to her, clearing the accumulated obligations represents a major step towards resolving long-standing pension debts owed to retirees.

Retirees Get Higher Monthly Payments

More than 241,000 retirees have also benefited from pension adjustments implemented during the period, with monthly pension payments increasing from N12.15 billion to N14.83 billion.

Oloworaran further disclosed that Treasury-funded Ministries, Departments and Agencies now have an exit benefit scheme for eligible workers.

Under the scheme, retirees receive an additional benefit equivalent to 100 per cent of their annual emolument.

The programme became effective on January 1, 2026, with the first 175 retirees receiving about N1.1 billion.

Retirement Benefits Now Approved Within 48 Hours

PenCom has also drastically reduced the time required to approve retirement benefits.

Oloworaran said benefits that previously took up to 21 months to approve can now be processed within 48 hours.

She urged eligible Federal Government employees and workers in affected MDAs to complete the ongoing verification and enrolment exercise ahead of the December 2026 deadline.

PenCom Targets Healthcare For 30,000 Retirees

The commission is also introducing new measures aimed at improving the welfare of retirees.

One of them is the PenCare Retiree Health Programme, which will provide free healthcare services to eligible low-income retirees.

The programme will begin with a pilot involving 30,000 beneficiaries.

PenCom is also introducing a Minimum Pension Guarantee designed to establish a minimum pension threshold for eligible retirees under the Contributory Pension Scheme.

Meanwhile, the commission’s latest unaudited figures show that pension fund assets rose further to N31.8 trillion in August 2026, an increase of N3.8 trillion since the beginning of the year.

With Retirement Savings Account membership now exceeding 11.3 million contributors, the growing pension pool is strengthening the sector’s role in mobilising long-term capital for economic development while providing retirement income for millions of Nigerians.