The National Pension Commission (PenCom) has paid out N577.26 billion to 1,053,000 Retirement Savings Accounts (RSAs). These funds address accumulated liabilities under Nigeria’s Contributory Pension Scheme (CPS), the mandatory retirement savings system for public and private sector workers.
Okay News reports that Usman Musa, Head of PenCom’s Management Services Department, announced the payments. He provided the figures during the agency’s 2025 media conference.
The disbursement draws from a N758 billion government bond issued to settle all outstanding pension obligations. PenCom received the full bond amount this year.
Of the total, N387 billion targeted pension increases. PenCom has already distributed N362.7 billion from this allocation.
Another N107 billion covered a 2.5 percent contribution shortfall by the Federal Government between 2017 and 2021. These funds reached 750,232 RSAs.
“In a whole, the total payout of N577,264,960,890 has already hit the RSAs of either retirees or pension contributors. In total, this has directly impacted 1,053,000 Retirement Savings Accounts,” Musa said.
PenCom Director-General Omolola Oloworaran called the bond disbursement a historic step. It shows the government’s dedication to meeting commitments to workers and retirees.
The commission also launched measures to boost monthly payments and introduced automated processes. A new healthcare initiative now supports low-income retirees.
These payments resolve long-standing arrears, including accrued rights and prior increases. The effort strengthens trust in the pension system.
This progress reinforces the CPS framework and promotes financial security for retirees across Nigeria.
