Nigeria’s pension landscape is getting a long-overdue shake-up, but the numbers still tell a story that needs work. The National Pension Commission (PenCom) has revealed that only 17 out of 36 states are fully implementing the Contributory Pension Scheme (CPS). Meanwhile, 12 states haven’t even started, and seven more are still dragging their feet, stuck somewhere in the setup phase of establishing pension bureaus.
This update came during the Second Run 2025 Consultative Forum for States and the FCT, hosted in Benin City. And the Commission didn’t stop there — they announced a complete redesign of the micro-pension plan for informal sector workers, now reborn as the Personal Pension Plan (PPP). The goal? To finally bring millions of Nigerians outside the formal workforce into a retirement system they can trust.
PenCom’s Director General, Omolola Oloworaran, in her welcome address (delivered by Samuel Uwandu), gave props to President Tinubu for approving a massive ₦758 billion bond to clear legacy pension debts — from accrued rights to pension increases and the minimum pension guarantee.
She laid it out straight: under the CPS, over 10.9 million workers across federal, state, and private sectors are now covered, with pension assets hitting a staggering ₦26 trillion. That’s not just numbers — that’s fuel for national development. But she kept it real: until all states, local governments, and the informal sector plug into the system, the mission isn’t done.
Marking her first year in office, Oloworaran highlighted major wins:
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Timely payment of accrued pension rights
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Plans to reintroduce gratuity payments for federal civil servants
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A new Pension Contribution Remittance System (PCRS) to end delays and errors
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Overall improved governance and reforms across the board
She also saluted the states that are already stepping up with laws, remittances, and full CPS compliance — the kind of commitment Nigeria needs.
During his presentation, Ibrahim Buwai, Acting Head of Corporate Communications, broke down the renewed micro-pension plan. The PPP now offers a much more flexible structure, letting informal workers — from artisans to entrepreneurs — save at their own pace while still securing a retirement future.
Declaring the forum open, Edo State Governor Monday Okpebholo, represented by SSG Musa Ikhilor, reaffirmed the state's commitment to the scheme. He revealed that Edo is already awaiting a full pension report and is prepared to implement whatever the findings recommend. As a sign of that commitment, the state has paid ₦3 billion out of the ₦5 billion owed to staff of the state-owned College of Education, who were disengaged when the institution was taken over by the federal government.
In short, Nigeria’s pension system is evolving — boldly — but the gaps remain massive. Until all states commit fully, millions of workers will continue walking into retirement without a safety net. The Commission says this era of reform is the push the country needs. Time will tell which states rise to the challenge.
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