Nigeria's pension assets surge 51% to N31.48trn on reforms
Nigeria’s pension assets have grown to N31.48 trillion, creating a deep pool of long-term capital that regulators now plan to channel into infrastructure and other productive sectors.
Nigeria’s Contributory Pension Scheme has grown to N31.48 trillion, up from N20.79 trillion. The N10.6 trillion increase marks a 51 percent expansion and the fastest two-year asset growth in the country’s history. Omolola Oloworaran, Director General of the National Pension Commission (PenCom), attributed the shift to aggressive regulatory modernization.
Speaking at a press briefing in Abuja, Oloworaran said "the reforms implemented under President Bola Tinubu’s administration had transformed retirement security and restored confidence in the country’s pension system." The registered contributor base grew by 938,229 workers to reach 11.32 million.
A major factor restoring institutional confidence was the federal government’s N758 billion pension bond. The instrument cleared legacy liabilities dating back to 2007, benefiting 957,045 Nigerians. The allocation directed N387.5 billion to pension increases, N253 billion to accrued rights, and N107 billion to the Pension Protection Fund. This intervention moved accrued pension rights from a 21-month arrears deficit to a 41-month surplus.
PenCom has simultaneously tightened compliance, recovering N36.6 billion in unremitted contributions through partnerships with the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission. Administrators must now process retirement applications within 48 hours, supported by new digital platforms like PenCap and COBRA.
For investors, the focus now shifts to capital deployment. PenCom plans to mobilize these growing long-term funds into infrastructure, healthcare, education, and agriculture while maintaining competitive returns. To sustain asset growth, the commission will launch a Personal Pension Plan targeting the informal economy, aiming to bring artisans, transport workers, market women, and fintech-enabled businesses into the net.
Monthly pension payments have already increased 22 percent to N14.9 billion. Total benefit payments rose to N3.44 trillion, with the number of receiving retirees growing to 819,411. PenCom also completed its first pension review for Nigeria Social Insurance Trust Fund retirees in 21 years, paying out N8.7 billion in arrears to 2,116 pensioners.
