Nigeria Pension Assets Surge 51 Percent

The National Pension Commission (PenCom) announced on Tuesday that Nigeria’s pension assets surged 51 per cent over the last two years, reaching 31.48 trillion naira ($22.80 billion).

PenCom Chief Omolola Oloworaran welcomed the massive growth—up from 20.79 trillion naira in July 2024—and attributed the rise to strengthening public confidence in the national pension system.

At the same time, the contributory pension scheme expanded its membership by nearly one million workers, bringing the total to 11.32 million participants.

The regulator also resolved long-standing debts dating back to 2007 using a 758 billion naira bond, which directly benefited nearly one million retirees through pension increases and accrued rights payments.

Pension Assets (News Central TV) — Nigeria’s pension assets surge 51 per cent. Credit: Punch Newspapers

Furthermore, PenCom successfully cleared a 21-month backlog in accrued pension rights from July 2024, turning the deficit into a 41-month surplus while slashing benefit approval processing times to just 48 hours.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.