The National Pension Commission (PENCOM) has announced that, starting in June, the total monthly pension payment under the Contributory Pension Scheme (CPS) will rise from N8.3 billion to N11.9 billion.
As stated by Omolola Oloworaran, the Director-General of PENCOM, the payment has a direct benefit for 233,000 retirees based on their pension accounts.
On Thursday in Lagos, during PENCOM’s second quarter briefing, she spoke as the DG announced a zero tolerance for non-compliance and revealed that the commission is close to eliminating all pension arrears.
Pension Fund Operators and Administrators attended a briefing where Abdulrahman Saleem, the commission’s head of compliance, provided an update on the pension fund. He revealed that as of March 2025, the pension fund reached N23.23 trillion, representing an increase of N820bn from the figure recorded in December 2024’s last quarter.
About The Author
