PenCom Cuts Pension Approvals to 48 Hours, Recovers N36bn Arrears
Ms Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), says pension benefit approvals, which previously took up to 21 months, are now processed within 48 hours as part of ongoing reforms.
Oloworaran disclosed this in Abuja on Tuesday at the State House ‘Meet the Press’ briefing, themed “Two Years: Historic Pension Transformation – Transforming Retirement Security, Strengthening Nigeria”.
She said the 48-hour approval timeline had become a mandatory service standard binding on all Pension Fund Administrators (PFAs), rather than a performance target.
“Benefits that once took months are now approved within 48 hours—not as a target, but as a mandate binding every Pension Fund Administrator,” she said.
The PenCom boss said compliance with pension remittances had increased by 28 per cent, while recoveries of unremitted contributions exceeded N36 billion in two years, compared with N28 billion recovered previously.
She announced that the commission would, within three months, launch the Minimum Pension Guarantee and PenCare to strengthen social protection for retirees.
“The Minimum Pension Guarantee will provide a guaranteed income floor beneath every pensioner, while PenCare will offer free healthcare for our most vulnerable retirees,” she said.
Oloworaran described the Federal Government’s N758 billion Pension Bond as one of Nigeria’s most significant pension interventions, benefiting 957, 045 retirees.
She said the intervention cleared accrued pension liabilities dating back to 2007 and moved pension rights from 21 months in arrears to a 41-month surplus.
“President Bola Ahmed Tinubu made a different choice. He chose to end that chapter.”
She also announced plans to establish a nationwide pension distribution network through Accredited Pension Agents to deepen pension coverage and create jobs.
She added that new investment frameworks were being developed to channel pension assets into infrastructure projects, including roads, power, healthcare, education and agriculture, while protecting contributors’ funds.
According to her, pension assets rose from N20.79 trillion to N31.48 trillion within two years, representing an increase of more than N10.7 trillion, or 51 per cent.
She said the growth reflected renewed confidence in the Contributory Pension Scheme, with 938,229 additional Nigerians joining during the period.
“Pension assets have grown from N20.79 trillion to N31.48 trillion… confidence is back. The system is growing, and over 938,000 more Nigerians now have retirement security,” she said.
Oloworaran described President Bola Tinubu as one of Nigeria’s most pro-worker and pro-retiree leaders, saying his administration had transformed pension administration into an instrument of justice, dignity and economic opportunity. ITF Begins Screening of Artisans for Global Competitiveness Training
