The Federal Government of Nigeria, through the National Pension Commission (PenCom), has approved a historic increase in monthly pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), marking the first such adjustment in 21 years.
The upward review, which represents an unprecedented 1,173 per cent enhancement, raised the total monthly pension payouts from ₦12.56 million to ₦159.95 million.
The commission also authorised the payment of ₦8.70 billion in pension arrears to the affected retirees, with each beneficiary receiving an average of about ₦3 million in arrears.
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In one notable case, a retiree’s monthly pension was increased from around ₦18,000 to about ₦206,000, alongside over ₦8 million in arrears.
PenCom’s Director-General, Ms. Omolola Oloworaran, described the move as a significant milestone in efforts to correct long-standing disparities and restore the real value of benefits in line with statutory provisions and prevailing economic conditions.
The pension enhancement was made possible by the substantial growth of the NSITF Fund, which expanded from ₦54 billion in 2005 to ₦195 billion by December 2025, providing the financial capacity to implement the long-overdue review while ensuring the scheme’s sustainability.
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The review aligns with President Bola Ahmed Tinubu’s broader policy focus on improving retiree welfare and strengthening Nigeria’s pension system.
Image Credit: DAILYPOST
Source : DAILYPOST
