233,000 Retirees will Benefit from N11.9bn Monthly Payout – PenCom

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The National Pension Commission (PenCom) has announced a significant increase in monthly pension payments to over 233,000 retirees on the Programmed Withdrawal plan. Effective June 1, 2025, monthly pension payments will rise from N8.3 billion to N11.9 billion, driven by strong investment returns on Retirement Savings Accounts.

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PenCom’s Director-General, Ms. Omolara Oloworaran, attributed the increase to the ongoing economic reforms of President Bola Ahmed Tinubu, saying, “This uplift is driven by strong investment returns on retirement savings accounts made possible by the ongoing economic reforms.”

The pension boost follows the President’s approval of N758 billion to clear longstanding pension liabilities, reflecting his commitment to restoring dignity and financial security to Nigerian retirees. Oloworaran noted that the commission would sustain periodic pension increments, with more retirees expected to benefit in subsequent exercises

Additionally, PenCom has made significant progress in paying accrued pension rights to retirees of treasury-funded ministries, departments, and agencies. As of today, payments have been made to retirees who exited service up to March 2025, with the process being remarkably stable since November 2024.

The commission has also rebranded the micro pension scheme as the Personal Pension Plan, aiming to boost enrolment and fund growth in the informal sector. Oloworaran said, “The product is being rebranded and enhanced to simplify registration through tech-driven solutions and broader partnerships with trade groups.”

Other key resolutions include channeling long-term pension assets into infrastructure projects, improving project bankability, and reviewing investment guidelines to enable more exposure to alternative asset classes