The National Pension Commission (PenCom) has strengthened its collaboration with Civil Society Organisations (CSOs) as part of efforts to deepen pension reforms, expand coverage and build public trust in Nigeria’s pension system.
This was disclosed at the 2025 Conference for Civil Society Groups, held on Tuesday in Abuja, where Omolola Oloworaran, Director-General of PenCom, underscored the critical role of CSOs in advancing an inclusive, resilient, and transparent pension framework.
Oloworaran said CSOs remain indispensable partners in awareness creation, advocacy for pension inclusion among vulnerable groups and in strengthening accountability within the pension industry.
“Distinguished members of Civil Society, your role in this journey is indispensable. You are trusted voices in communities. You understand informal work realities. You advocate for inclusion, fairness and accountability. Together, we must help Nigerians understand that pension is not a tax, not a donation and not a privilege, but a right and a tool for dignity in old age,” she said
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The PenCom DG, who was represented at the event by Ibrahim Buwai, Head of Corporate Communications, noted that the Commission had formally launched Pension Revolution 2.0, describing it as the most comprehensive reform agenda in the pension industry since 2004.
According to her, the reform is structural rather than cosmetic, combining new regulations, stronger supervision, governance reforms, digital transformation and industry realignment aimed at future-proofing the pension system and positioning it as a pillar of national stability and long-term development.
Oloworaran said one of the most historic milestones recorded in 2025 was the Presidential approval and disbursement of ₦758 billion to clear outstanding pension liabilities, describing it as an unprecedented intervention that reaffirmed the government’s commitment to workers and retirees.
She disclosed that long-standing pension increase backlogs for Federal Government treasury-funded retirees, some dating back to 2007, had been fully cleared, while zero waiting time for the payment of accrued pension rights was restored from July 2025.
To further enhance benefit adequacy, the DG stated that PenCom introduced Pension Boost 1.0, which has added approximately ₦2.68 billion to monthly pension payments for retirees under the Contributory Pension Scheme (CPS).
“These are not just numbers. They represent meals on tables, medicines purchased and dignity preserved,” she added.
She said as the Commission moves into the next phase of Pension Revolution 2.0, its priorities remain expanding coverage, deepening trust, improving investment outcomes, strengthening supervision and protecting retirees.
On governance reforms, Oloworaran explained that PenCom raised capital requirements for pension operators to strengthen institutions, improve risk management and promote higher professional standards. She also said governance rules were tightened to eliminate shadow directorships and enhance transparency.
“Pensions cannot be managed from the shadows. Transparency, integrity and fit-and-proper leadership are non-negotiable in a system entrusted with Nigerians’ life savings,” she said.
The DG further highlighted the restructuring and rebranding of the Micro Pension Plan into the Personal Pension Plan (PPP) as one of the defining reforms of the past year.
She explained that the PPP is designed to meet Nigerians where they are, particularly artisans, traders, gig workers, farmers, transport workers and others in the informal economy, by offering a simple, flexible and inclusive pension framework.
Under the new plan, she said, Accredited Pension Agents (APAs) were introduced to market and onboard participants on behalf of Pension Fund Administrators (PFAs), noting that the initiative is also expected to create employment opportunities for thousands of young Nigerians.
She added that participation in the Personal Pension Plan has been made easy, with Nigerians aged 18 years and above able to enrol using their National Identification Number (NIN), a valid phone number and a bank account.
