The PenCom Director-General, Omolola Oloworaran (center) flanked by other stakeholders at the event
By Clement Nwoji, Abuja
President Bola Ahmed Tinubu has unveiled a bold new direction for Nigeria’s pension sector, insisting that the measure of success should no longer be the trillions of naira under management but the number of Nigerians whose retirement years are protected from poverty, uncertainty and neglect.
Speaking through the Secretary to the Government of the Federation, Senator George Akume, at the National Pension Conference and Awards marking the National Pension Week in Abuja, Tinubu reaffirmed that protecting pensioners’ dignity remains central to his administration’s Renewed Hope Agenda, while backing reforms designed to extend retirement security to millions of workers currently excluded from the pension system.
The President’s message comes as the National Pension Commission (PenCom) announced plans to dramatically expand pension coverage, challenge operators to register three million new funded retirement accounts within a year, and introduce a pension security initiative that will guarantee minimum pension support and healthcare protection for retirees.
For millions of Nigerians who spend their lives trading in markets, driving commercial vehicles, farming, or operating small businesses without formal retirement plans, the reforms represent a potential lifeline in old age.
“A pension is not a favour granted by government. It is an earned entitlement and a promise,” Tinubu declared, stressing that workers who have devoted their productive years to nation-building deserve financial security and dignity in retirement.
The President said his administration has already taken steps to address pension liabilities, including the approval of ₦758 billion for pension-related obligations, while committing to reforms aimed at guaranteeing more predictable retirement incomes.
His position aligns closely with PenCom Director-General, Omolola Oloworaran’s warning that Nigeria’s pension industry must move beyond celebrating asset growth and focus instead on protecting more citizens.
“The next great reform in Nigeria will not be measured by how much money we manage. It will be measured by how many Nigerians we protect,” Oloworaran told stakeholders.
Although pension assets have grown significantly from ₦20.7 trillion in July 2024 to ₦31.8 trillion by August 2026, she cautioned that millions of Nigerians remain outside the pension net, particularly those working in the informal economy.
Behind the statistics are stories familiar to many Nigerian families, elderly parents relying on children for survival, retired workers struggling to afford medication, and citizens who reach old age without any structured source of income.
To tackle that reality, PenCom disclosed that President Tinubu is expected to launch a Pension Security Initiative in November. The initiative will feature a minimum pension guarantee and healthcare support aimed at ensuring retirees do not have to choose between buying food and purchasing essential medicines.
The new reform agenda also seeks to strengthen pension operators through mandatory recapitalisation by June 2027, improve compliance among employers, recover unpaid worker contributions, and channel pension investments into infrastructure and productive sectors without compromising contributors’ funds.
Tinubu emphasised that pension assets belong to Nigerian workers and must be managed responsibly, with transparency, sound governance and rigorous risk assessment.
He also urged employers to fulfil their contribution obligations promptly and called for stronger regulatory enforcement to protect workers’ benefits.
The President expressed confidence that collaboration among government, employers, regulators and pension operators would create a more resilient pension system capable of serving both current and future retirees.
For many Nigerians approaching retirement with uncertainty, the significance of the reforms may ultimately be measured not in trillions of naira, but in something far more personal, the assurance that after decades of work, they can grow old with dignity, security and peace of mind.
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