Retirees under Nigeria’s Contributory Pension Scheme (CPS) have received a major financial lift, as the National Pension Commission (PenCom) announced an additional ₦2.68 billion in monthly pension payments following the rollout of its Pension Boost 1.0 initiative.
The Director-General of PenCom, Mrs. Omolola Oloworaran, disclosed this on Tuesday, 23rd December,2025 in Abuja during the 2025 PenCom–Civil Society Conference, describing the intervention as a deliberate move to improve the adequacy of retirement benefits for pensioners.
According to Oloworaran, the scheme has already translated into higher monthly payouts for CPS retirees nationwide. “We added ₦2.68 billion to monthly pension payments for CPS retirees,” she said, stressing that the commission remains committed to strengthening the welfare of retirees amid prevailing economic realities.
The PenCom boss, who was represented at the event by the Director of the Contribution and Bond Redemption Department, Mr. Usman Musa, also highlighted broader reforms aimed at expanding pension coverage across the country.
She explained that the restructuring of the Micro Pension Plan into the Personal Pension Plan (PPP) was designed to attract workers in Nigeria’s vast informal sector, many of whom remain outside the pension safety net.
The PPP, she said, specifically targets artisans, traders, transport operators, gig workers and self-employed professionals, with the objective of enrolling millions of informal sector workers into the pension system and securing their financial future after retirement.
PenCom’s latest announcement comes as part of ongoing efforts to deepen pension reforms, improve benefit adequacy and promote inclusive participation in Nigeria’s pension industry.
