The National Pension Commission (PenCom) has announced that retirees enrolled in the Contributory Pension Scheme (CPS) have received an additional N2.68 billion in pension disbursements. This development follows the introduction of Pension Boost 1.0, a scheme aimed at enhancing the adequacy of retirement benefits for Nigerians.

According to PenCom’s Director-General, Aisha Dahir-Umar, the initiative has resulted in a significant increase in monthly pension payments to CPS retirees. Speaking at the 2025 PenCom-Civil Society Conference in Abuja, Dahir-Umar stated that the additional payments are part of efforts to improve the overall pension system in Nigeria.

The PenCom chief, represented by the Director of the Contribution and Bond Redemption Department, Usman Musa, noted that the restructuring of the Micro Pension Plan into the Personal Pension Plan (PPP) is designed to expand pension coverage, particularly among informal sector workers. The PPP targets artisans, traders, transport operators, gig workers, and self-employed professionals, with the goal of enrolling millions of informal sector workers into the pension system.

The Contributory Pension Scheme, introduced in 2004, has been instrumental in providing a sustainable pension system for Nigerian workers. With the introduction of Pension Boost 1.0 and the Personal Pension Plan, PenCom aims to address the challenges of inadequate retirement benefits and limited pension coverage in the country.

The additional N2.68 billion in pension disbursements is a significant development, as it will improve the living standards of CPS retirees. The move is also expected to boost confidence in the pension system, encouraging more workers to participate in the scheme. As PenCom continues to implement reforms and initiatives to enhance the pension system, retirees and workers can expect improved benefits and greater security in their retirement years.