PenCom Implements First NSITF Pension Review In 21 Years
By NJORIGE LYNUS
THE National Pension Commission (PenCom) has approved a historic upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), resulting in a massive 1,173 per cent increase in total monthly pension payments.
With the approval, the combined monthly pension payout for the affected retirees has risen from ₦12.56 million to ₦159.95 million, marking one of the most significant pension adjustments in Nigeria’s history. In addition, PenCom has approved the payment of ₦8.70 billion in arrears to clear accumulated entitlements owed to the retirees.
The development is widely regarded as a major milestone in the Federal Government’s ongoing efforts to improve the welfare of pensioners, particularly under the administration of President Bola Ahmed Tinubu, which has placed renewed emphasis on social protection and pension reforms.
The approval was granted by the Director General of PenCom, Ms. Omolola Oloworaran, whose tenure has been marked by far-reaching reforms aimed at strengthening the Contributory Pension Scheme and correcting long-standing inequities within the system.
According to PenCom, the adjustment represents the first pension increase for NSITF retirees in over two decades, ending a 21-year period during which benefits remained stagnant despite rising inflation and changing economic realities.
The commission noted that the review was carried out in line with statutory provisions that allow for periodic pension enhancements to reflect prevailing economic conditions and safeguard retirees’ purchasing power.
Stakeholders have welcomed the development, describing it as a long-overdue intervention that restores dignity to retired workers and reinforces confidence in Nigeria’s pension administration framework.
