The National Pension Commission (PenCom) has approved a major pension increase for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), ending over two decades of stagnant benefits. PenCom’s Director-General, Omolola Oloworaran, said the review resulted in a historic 1,173 per cent increase in monthly pensions.
With the adjustment, total monthly pension payments rose from ₦12.56 million to ₦159.95 million, while ₦8.7 billion in arrears has been disbursed to affected retirees. On average, each beneficiary received about ₦3 million in arrears, with monthly pensions jumping from roughly ₦18,000 to over ₦206,000.
PenCom said this marks the first pension review for NSITF retirees in 21 years and aligns with legal provisions on periodic pension adjustments. The commission attributed the increase to the strong growth of the NSITF fund, which expanded from ₦54 billion in 2005 to ₦195 billion by December 2025.
The commission also deployed a digital verification system, VerifyMe, to ease payment processes for retirees.
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