The Nigerian Pension Commission (NPC) on Wednesday said 17 states out of the 36 states in the country are currently implementing the contributing pension scheme but lamented that 12 states have not started at all while seven states are at various stages of establishing their pension bureaus.
At the Second Run 2025 Consultative Forum for States and the FCT held in Benin City, the Edo State Capital, the Commission also said that the existing micro-pension plan for informal sector workers is being redesigned and rebranded as the Personal Pension Plan (PPP) to take care of the millions of Nigerians in the informal sector.
In her welcome address, the Director General of the Nigerian Pension Commission, Ms. Omolola Oloworaran commended President Bola Tinubu for approving ₦758 Billion Bond through the Federal Executive Council to settle legacy pension liabilities such as accrued rights, pension increases and minimum pension guarantee.
Represented by the Commissioner Inspectorate of the Commission, Samuel Uwandu, Oloworaran said “Today, under the CPS, that promise is being kept for over 10.9 million workers at the Federal, State and Private Sector levels, with pension assets now topping ₦26 Trillion, fueling our nation’s development. But our mission as an industry is not complete. The success of this national reform rests on its implementation in every State, Local Government, and across the Informal Sector. This Forum is the engine of that collaboration.
“This November marks one year since I assumed office as Director General of the National Pension Commission. It has been a year of deliberate reform, focused on strengthening governance and expanding the value of the pension system for all Nigerians.”
She said in the last year, the Commission achieved “The timely payment of Accrued Pension Rights. The planned re-introduction of Gratuity Payments for Federal Civil Servants under the CPS. Introduction of a new Pension Contribution Remittance System (PCRS) to eliminate errors and delays in pension remittances” among others.
She said the success of Nigeria’s pension system depends on the extent to which the sub-national governments embrace the full implementation of the CPS/CDBS and commended the states that have made significant progress by enacting pension laws and commencing contribution remittances for their workers.”
In his presentation on “Recent Developments in the Pension Industry”, the Acting Head, Corporate Communications of the Commission, Ibrahim Buwai said the scheme for the informal sector “offers a flexible structure for individuals to contribute at their own pace, ensuring that every Nigerian regardless of employment type can build retirement savings.”
Declaring the two day event open, Governor Monday Okpebholo who was represented by the Secretary to State Government (SSG), Musa Ikhilor Esq. said his administration believed in the contributory pension scheme adding that his administration was already expecting a report of the pension scheme in the state and was ready to abide by its recommendations.
He said the administration had released N3 billion out of the five billion owed to staff of the state owned College of Education who were disengaged when the school was taken over by the federal government.
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