Nigeria’s pension assets under the Contributory Pension Scheme (CPS) increased by 51% over the past two years to ₦31.48 trillion as of July 2026, up from ₦20.79 trillion in July 2024, according to the National Pension Commission (PenCom).
Speaking at a press briefing at the Presidential Villa in Abuja on Tuesday, July 14, 2026, PenCom Director-General Omolola Oloworaran said the growth reflected improved confidence in the pension system, stronger regulatory oversight and ongoing reforms aimed at enhancing service delivery.
According to the commission, total pension assets grew by ₦10.69 trillion during the period, while CPS membership rose to 11.32 million contributors, with 938,229 new contributors added over the past two years.
PenCom also disclosed that the Federal Government settled a ₦758 billion pension bond, clearing accrued pension rights owed to retirees under the CPS. The commission said the payment benefited 957,045 retirees whose accrued rights had remained outstanding.
The commission said monthly pension payments under the CPS increased by 22%, from ₦12.2 billion to ₦14.9 billion. It added that eligible retirees from treasury-funded Ministries, Departments and Agencies (MDAs) who retired on or before July 29, 2024 received a monthly pension increase, while additional pensioners also benefited under a broader pension enhancement initiative.
PenCom further reported that it completed the first review of pensions for beneficiaries under the Nigeria Social Insurance Trust Fund (NSITF) in more than two decades. According to the commission, the review resulted in higher monthly pensions for eligible beneficiaries and the settlement of outstanding arrears.
On compliance, PenCom said employer compliance with pension contribution remittances improved by 28% over the past two years. The commission also disclosed that it recovered more than ₦36 billion in unremitted pension contributions from defaulting employers during the period.
The commission said it has reduced the processing time for pension benefit approvals to 48 hours, subject to the submission of complete documentation by Pension Fund Administrators.
Looking ahead, Oloworaran said PenCom plans to expand pension coverage among workers in the informal sector through the Micro Pension Plan and explore additional investment opportunities that support long-term economic development while safeguarding contributors’ funds in line with existing investment regulations.
The Contributory Pension Scheme, established under the Pension Reform Act, is designed to provide retirement benefits for employees in both the public and private sectors through mandatory pension contributions managed by licensed Pension Fund Administrators.
