•As monthly pension payments rise to N14.83bn
By Victor Ahiuma-Young & Rosemary Iwunze
The National Pension Commission, PenCom, has announced a $250 million commitment by Nigeria’s pension industry towards infrastructure investment over the next 10 years.
This comes as the National Pension Commission said monthly pension payments had increased to N14.83 billion from N12.15 billion following an increase in pension payments to more than 241,000 retirees.
PenCom Director-General, Omolola Oloworaran, disclosed this at the commission’s 2026 media conference, themed, “From Reform to Reality: Renewed Hope, Pension Security for Nigerians,” held in Lagos.
Oloworaran said pension fund operators had committed $200 million as anchor investment in infrastructure, while an additional $50 million was being sought from development finance institutions, bringing the total commitment to $250 million.
She said the commitment was only an initial investment, informing that details of specific infrastructure projects would be provided between the first and second quarters of 2027
According to her, the pension industry is currently investing about N420 billion in infrastructure, with the potential for the figure to approach N1 trillion in the coming years.
“Nigeria needs productive investment. Contributors need secure returns. We will serve both through rigorous project selection and uncompromising protection of contributors’ interests,” she said.
Monthly pension payments
The Director-General said monthly pension payments had increased to N14.83 billion from N12.15 billion following an increase in pension payments to more than 241,000 retirees.
Oloworaran said: “ Nigeria’s pension system is not merely improving, it is making history again and again and again and again. For the first time, retirees across the Contributory Pension Scheme received a pension increase across the board.
Pension boost 1.0 raised monthly pensions of more than 241,000 retirees. Total monthly pension payments rose from N12.15 billion to N14.83 billion when this was implemented. For a retired teacher or a retired nurse, that is not a statistic, it is food on the table.”
Oloworaran stated that again, for the first time in 21 years, pensioners of the Defunct Nigerian Social Insurance Trust Fund have had their pensions reviewed.
“Their pensions have stood still since 2005. We invoked the law. We directed a full review and delivered an unprecedented increase of 1,173% on the average. Monthly pensions for the 2,116 NSITF retirees rose from N12.6 million to N159.95 million. And in addition to that, arrears totaling N8.7 billion was paid in full. One retiree who received about N18,000 a month now receives as of January and in July when I mentioned it, and today and going forward receives N206,000.”
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