Ruth Okwumbu-Imafidon, a Legit.ng journalist, has over a decade of experience in business reporting across digital and mainstream media.

Over 233,000 Nigerian retirees on the Programmed Withdrawal Plan are set to benefit as the National Pension Commission has boosted the monthly payouts.

The Director-General of the National Pension Commission, Ms Omolara Oloworaran, revealed that the payouts increased by 43.37% from N8.3 billion to N11.9 billion.

Speaking at the Commission’s Q2 press briefing in Lagos, Oloworaran noted that the increased payout was made possible because of the strong investment returns on the Retirement Savings Accounts.

She disclosed that June 1, 2025, is the effective date to commence the payment. Her words:

“This uplift is driven by strong investment returns on retirement savings accounts made possible by the ongoing economic reforms of President Bola Ahmed Tinubu.

“This milestone builds on the President’s recent approval of N758 billion to clear longstanding pension liabilities, a bold and unprecedented move that reflects his clear commitment to restoring dignity and financial security to Nigerian retirees.”

Oloworaran stated that after reassessing the pension fund performance, PenCom decided to boost pensions and adopt a new Modified Standard Pension Enhancement Template.

PenCom has also granted Pension Fund Administrators full authority to process and approve retirement benefits.

This effort ensures that pension benefits under the Contributory Pension Scheme (CPS) provide retirees with financial security.

She added that there would be periodic pension reviews and increments to allow more retirees to benefit from the scheme.

Legit.ng earlier reported that the Pension Fund Administrators were investing in more of the federal government securities to reap the attractive yields offered.

The PenCom boss also announced that retirees of treasury-funded ministries, departments, and agencies are now getting improved payments of accrued pension rights, as the federal government has been consistent in releasing the funds to settle them.

Oloworaran noted that the wait time has drastically reduced, with retirees who exited the service up to March 2025 now receiving payments — compared to the past, when arrears stretched up to 21 months.

She said:

“Since November 2024, the process has been remarkably stable, with the timely and consistent release of funds by the Federal Government. We are on the verge of eliminating arrears in the payment of accrued rights, which would be a significant milestone indeed.”

In related news, Nigerian pensioners reportedly scheduled a one-day rally in Abuja to protest the withholding of their funds.

Legit.ng reported that the pensioners were being owed a total sum of N193 billion by both the federal government and four state governments.

It was learnt that several states like Benue, Kaduna, Kano, Nasarawa, and Zamfara are making major moves to clear the backlogs.

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Source: Legit.ng