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Pension<\/p>\n
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By Muhyideen Jimoh<\/p>\n
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Ms Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), says pension benefit approvals, which previously took up to 21 months, are now processed within 48 hours under ongoing reforms.<\/p>\n
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Oloworaran disclosed this in Abuja on Tuesday at the State House \u2018Meet the Press\u2019 briefing, themed \u201cTwo Years: Historic Pension Transformation \u2013 Transforming Retirement Security, Strengthening Nigeria\u201d.<\/p>\n
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She said the 48-hour approval timeline had become a mandatory service standard binding on all Pension Fund Administrators (PFAs), rather than a performance target.<\/p>\n
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\u201cBenefits that once took months are now approved within 48 hours\u2014not as a target, but as a mandate binding every Pension Fund Administrator,\u201d she said.<\/p>\n
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The PenCom boss said compliance with pension remittances had increased by 28 per cent, while recoveries of unremitted contributions exceeded N36 billion in two years, compared with N28 billion recovered previously.<\/p>\n
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She announced that the commission would, within three months, launch the Minimum Pension Guarantee and PenCare to strengthen social protection for retirees.<\/p>\n
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\u201cThe Minimum Pension Guarantee will provide a guaranteed income floor beneath every pensioner, while PenCare will offer free healthcare for our most vulnerable retirees,\u201d she said.<\/p>\n
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Oloworaran described the Federal Government\u2019s N758 billion Pension Bond as one of Nigeria\u2019s most significant pension interventions, benefiting 957, 045 retirees.<\/p>\n
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She said the intervention cleared accrued pension liabilities dating back to 2007 and moved pension rights from 21 months in arrears to a 41-month surplus.<\/p>\n
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\u201cPresident Bola Ahmed Tinubu made a different choice. He chose to end that chapter.\u201d<\/p>\n
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She also announced plans to establish a nationwide pension distribution network through Accredited Pension Agents to deepen pension coverage and create jobs.<\/p>\n
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She added that new investment frameworks were being developed to channel pension assets into infrastructure projects, including roads, power, healthcare, education and agriculture, while protecting contributors\u2019 funds.<\/p>\n
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According to her, pension assets rose from N20.79 trillion to N31.48 trillion within two years, representing an increase of more than N10.7 trillion, or 51 per cent.<\/p>\n
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She said the growth reflected renewed confidence in the Contributory Pension Scheme, with 938,229 additional Nigerians joining during the period.<\/p>\n
<\/p>\n
\u201cPension assets have grown from N20.79 trillion to N31.48 trillion\u2026 confidence is back. The system is growing, and over 938,000 more Nigerians now have retirement security,\u201d she said.<\/p>\n
<\/p>\n
Oloworaran described President Bola Tinubu as one of Nigeria\u2019s most pro-worker and pro-retiree leaders, saying his administration had transformed pension administration into an instrument of justice, dignity and economic opportunity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ms Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), says pension benefit approvals, which previously took up to 21 months, are now processed within 48 hours under ongoing reforms.<\/p>\n","protected":false},"author":2,"featured_media":189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[59],"tags":[],"class_list":["post-187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"jetpack_featured_media_url":"https:\/\/primerisenews.com\/wp-content\/uploads\/2026\/07\/images-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=187"}],"version-history":[{"count":1,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/187\/revisions"}],"predecessor-version":[{"id":190,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/posts\/187\/revisions\/190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=\/wp\/v2\/media\/189"}],"wp:attachment":[{"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primerisenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}