The National Pension Commission of Nigeria announced that 17 states are currently implementing the Contributory Pension Scheme, and the commission’s assets have exceeded N26 trillion as of September 2025. This update was delivered by Ms. Omolola Oloworaran, who was represented by Chief Samuel Chigozie Uwandu, the Commission’s Inspectorate Commissioner, at an event in Benin, Edo State.
According to Oloworaran, the Contributory Pension Scheme plays a crucial role in promoting national economic development. It has evolved beyond a mere retirement policy, symbolizing a shift toward financial discipline and long‑term planning. The scheme marks a significant departure from reliance on state‑provided old‑age financial security, embracing instead a culture of retirement savings and forward planning. Essentially, it is a contract between workers and employers that ensures a lifetime of labor is rewarded with financial security in old age.
Out of Nigeria’s 36 states, 17 are actively implementing the scheme. Twelve states have not yet initiated it, while seven states are in the process of establishing their pension bureaux. This distribution highlights both the progress made and the challenges that remain in rolling out the Contributory Pension Scheme nationwide.
The impact of the scheme on national economic development cannot be overstated. By fostering a culture of savings and planning, it contributes to the country’s economic growth and stability. As the scheme continues to expand, its influence on Nigeria’s economic landscape is expected to become more pronounced.
The commission’s assets surpassing N26 trillion is a significant milestone, demonstrating the scheme’s growth and potential. As more states adopt the Contributory Pension Scheme, these assets are likely to increase further, solidifying the scheme’s role in Nigeria’s economic development. Continued efforts by the commission to promote the scheme and encourage broader state participation are essential for ensuring the long‑term financial security of Nigerian workers.
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