Abuja, June 20, 2025 – The National Pension Commission (PenCom) has introduced a Pension Boost to enhance monthly payments to retirees under the Contributory Pension Scheme from June.
Omolola Oloworaran, the Director-General of Pencom, disclosed this in Lagos at second-quarter press briefing of the commission.
She said the pension boost was being driven by the strong performance of Retirement Saving Accounts (RSA) investments and the current economic reforms.
The Pencom boss said with the pension boost, monthly pension disbursements would henceforth increase from N8.3 billion to N11.9 billion from June.
She promised that all retires under the contributory pension scheme would experiences increases in their pensions from June.
“This is the news every retiree has been waiting for. Over 233,000 retirees will now see increased monthly payments, dependent on their Retirement Savings Account balances,” she said.
Oloworaran said that Pencom had also made significant progress to clear all pension arrears.
She commended the federal government for approving a N758 billion bond to offset outstanding pension liabilities, adding that: “The end of pension arrears is very, very near.”
“Ladies and gentlemen, I’m pleased to let you know that the end of pension arrears is very near. After years of anxiety and injustice, we are finally breaking the chains of pension backlogs.
“Thanks to the decisive leadership of President Bola Tinubu, we have witnessed stable and consistent releases of funds for accrued rights since November last year.
“As of today, retirees up to March 2025 have been paid their pensions, they have gotten their benefits and are now receiving their monthly pensions.
“We are just steps away from eliminating pension arrears entirely, a historic milestone that will set the credibility of the contributory pension scheme. For once, the word retirement will not mean fear and uncertainty, but dignity and predictability.” she said.
