The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, on Thursday disclosed that monthly pension payments rose to N14.837 billion in June 2025, under its Pension Boost 1.0 initiative.

Oloworaran made the disclosure in Abuja at a Stakeholders’ Conference jointly convened by PenCom and the National Salaries, Incomes and Wages Commission (NSIWC), focusing on the “Workings of the Contributory Pension Scheme (CPS).”

She highlighted that the Commission’s Pension Boost 1.0 is enhancing pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal.

“Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025,” she added.

Oloworaran, who was represented by PenCom Acting Commissioner, Technical, Hon. Hafiz Kawu Ibrahim, said that more than 10 million Nigerians—from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan—are covered under the CPS.

Shedding more light, the official added that while pension assets have grown to over N25 trillion, fueling national development through strategic investments, the Commission is securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

“In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent,” he added.

Ibrahim stressed that the minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians have been revised to ensure greater financial stability, service delivery, and technological resilience.