By Oluwakemi Kindness
The National Pension Commission (PenCom) says pension rights for enrolled Federal Government employees yet to retire are now funded through December 2029, following a turnaround from a 21-month funding deficit to a 41-month surplus.
PenCom Director-General, Omolola Oloworaran, disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria (PenCAN) Conference in Abuja.
The Head of Corporate Communications, Ibrahim Buwai, represented her at the conference.
Oloworaran said the improved funding had left the affected workers’ Retirement Savings Accounts funded and ready for access when they retire.
“In effect, their Retirement Savings Accounts are what I like to call ‘loaded and ready’, just waiting for the retiree to retire and access their pensions,” she said.
She also said eligible retirees now receive their pension payments within 48 hours of retirement, describing the development as an end to delays and accumulated arrears.
The PenCom chief further announced the commencement of the Minimum Pension Guarantee, which provides eligible retirees with a minimum monthly pension of ₦52,500.
President Bola Tinubu unveiled the scheme on November 10, and Oloworaran said some beneficiaries had already received payment alerts reflecting the new minimum pension.
She also disclosed that the Federal Government had approved an additional exit benefit equivalent to 100 per cent of workers’ final emoluments, effective January 1, 2026.
According to her, the benefit will provide additional financial support for retiring workers and address concerns over the absence of gratuity under the Contributory Pension Scheme.
Oloworaran cited Section 4 of the Pension Reform Act, which allows employers to provide retirement benefits beyond mandatory pension contributions.
She said arrangements to fund the additional benefit were progressing ahead of applications from eligible retirees.
Meanwhile, pension technology company Awabah is partnering with Moniepoint and Interswitch to expand pension coverage among workers in the informal sector.
Awabah Chief Executive Officer, Tunji Andrews, said the partnerships would enable more Nigerians to enrol in the Personal Pension Plan, contribute and manage their accounts through the platforms.
Andrews said Awabah had also reduced the documentation required for enrolment from 25 bills to four through innovations developed in collaboration with the regulator.
He added that the company had introduced the Defender Circle, a community-based initiative to recruit advocates who would educate Nigerians and encourage pension enrolment.
Edited by Julian Osamoto
