The National Pension Commission (PenCom) has inaugurated the ‘Pension Revolution 2.0’, an initiative designed to strengthen Nigeria’s pension industry, enhance inclusion, and “secure dignity for retirees”.
Omolola Oloworaran, the director-general (DG) of PenCom, announced the programme in a statement on Monday.
Oloworaran said PenCom will unveil the new regulations daily to drive the revolution forward.
The DG explained that Pension Revolution 2.0 is a transformative programme building on two decades of progress to drive Nigeria’s pension industry’s next growth phase.
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“The first great turning point came in 2004 with the enactment of the Pension Reform Act, which introduced the Contributory Pension Scheme (CPS) and revolutionised retirement savings in Nigeria,” she said.
“That reform laid the foundation for confidence, discipline, and sustainability in our pension system.
“Two decades later, we stand at another defining moment. Pension Revolution 2.0 is the most significant advancement since 2004, bold in ambition, yet evolutionary in practice.”
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The PenCom DG said the new scheme ushers in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for our national economy.
She said the programme is guided by the vision of President Bola Tinubu, “who has directed that our pension system must enable dignity in retirement, broaden access for all Nigerians, and mobilise long-term savings as reliable capital for national development”.
“Beginning this week, the Commission will release the new regulations daily. Each guideline sets higher standards across critical pillars – from investment and risk management to governance and compliance, to service delivery and financial inclusion,” she said.
“In line with the President’s directive, the Commission will also, within the next three months, pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee, with the aim of safeguarding retirees’ dignity and supporting a decent standard of living.”
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Oloworaran said the reforms aim to enable dignity for retirees through health insurance and a minimum pension floor.
Also, she said the initiative will optimise investment performance while safeguarding contributors’ funds to deliver sustainable long-term returns, and expand pensions to reach every Nigerian — especially those in the informal economy.
The PenCom chief added that the reforms will also harness technology and innovation to democratise access and improve service delivery, and unlock pension assets as a dependable source of financing for national development.
On September 19, the federal government, through the Nigerian Consumer Credit Corporation (CREDICORP), inaugurated the ‘first-ever’ pension-backed loan scheme.
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