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Nigeria’s pension fund assets have increased by N10.7 trillion over the past two years, rising from N20.79 trillion in July 2024 to N31.48 trillion in July 2026, according to the National Pension Commission (PenCom).

PenCom Director-General, Omolola Oloworaran, disclosed this on Tuesday during a media conference, where she highlighted major achievements recorded in the pension industry in recent years.

The growth represents an increase of more than 51% within two years, further cementing the pension industry’s position as one of Nigeria’s largest pools of long-term domestic capital.

Increasing participation

According to Oloworaran, the significant growth in pension assets reflects increasing participation in the Contributory Pension Scheme (CPS), improved investment performance, and growing confidence in the pension system.

• “Pension assets have risen from N20.79 trillion in July 2024 to N31.48 trillion in July 2026.”

The PenCom boss also revealed that 938,229 Nigerians enrolled in the Contributory Pension Scheme during the same period, expanding the number of workers saving for retirement.

She noted that the expansion in contributors and assets has strengthened the industry’s capacity to support long-term investments and retirement security.

FG clears pension liabilities dating back to 2007

Oloworaran disclosed that the Federal Government had settled inherited pension liabilities through a N758 billion intervention bond.

According to her, the payment cleared outstanding obligations accumulated over nearly two decades.

• “The Federal Government cleared all inherited pension liabilities, some dating back to 2007.”

She described the development as a major milestone in addressing long-standing pension obligations owed to retirees.

Monthly pension payments rise

The Director-General said pension adjustments implemented during the period increased monthly pension payments for more than 241,000 retirees.

• According to her, monthly pension disbursements rose from N12.15 billion to N14.83 billion.
• She also disclosed that Treasury-funded Ministries, Departments and Agencies (MDAs) now operate an exit benefit scheme that provides eligible workers with an additional benefit equivalent to 100% of their annual emolument upon retirement.

The scheme became effective on January 1, 2026, and the first 175 retirees have already received approximately N1.1 billion under the programme.

Retirement approvals now completed within 48 hours

Oloworaran said PenCom has significantly reduced the processing time for retirement benefits.

• “For the first time, retirement benefits that used to take up to 21 months to approve are now approved within 48 hours.”

She urged eligible Federal Government employees and MDAs to complete the ongoing verification and enrolment exercise before the December 2026 deadline.

New retiree welfare initiatives

The commission also unveiled two new programmes aimed at improving retirement welfare.

• The first is the PenCare Retiree Health Programme, which will provide free healthcare services to eligible low-income retirees, beginning with 30,000 beneficiaries in the pilot phase.
• The second is the Minimum Pension Guarantee, which will establish a minimum pension threshold for eligible retirees under the Contributory Pension Scheme.

Industry growth

The latest figures highlight the rapid expansion of Nigeria’s pension industry.

PenCom’s most recent unaudited report showed that pension fund assets further increased to a record N31.8 trillion as of August 2026, representing a N3.8 trillion increase since the beginning of the year.

With pension assets now approaching N32 trillion and RSA membership exceeding 11.3 million contributors, the industry continues to play an increasingly important role in mobilising long-term capital for economic development while providing retirement security for millions of Nigerians.