By David Akinmola
Nigeria’s pension industry has recorded a significant uptick in contributions in the third quarter as tougher regulatoy scrutiny by the National Pension Commission (PenCom) translated into higher remittances from employers across the public and private sectors, pushing total inflows to N233 billion.
The improvement, which marks a clear departure from the sub-N150 billion quarterly trend seen earlier in the year, reflects a more assertive use of pension learance and compliance certificates as enforcement tools, particularly for organizations seeking access to government contracts and official approvals, PenCom officials said at the commission’s 2025 media conference in Lagos.
“Following the circular and stricter monitoring, issuances in the third quarter increased to about N233 billion, significantly above the historical average,” the Director-General of the PenCom, Omolola Oloworaran, said, noting that the development reflects growing regulatory discipline and improved compliance culture within the economy.
Industry operators say the uptick underscores the effectiveness of regulatory enforcement in deepening the contributory pension scheme (CPS), particularly at a time when long-term domestic savings are critical to economic stability and capital market growth.
Beyond compliance gains, Oloworaran commended the Federal Government for releasing N758 billion to clear outstanding pension liabilities, describing the intervention as a turning point for the pension industry.
According to her, the payment has helped address legacy arrears that had undermined confidence in the system for years.
“This is a new era for Nigeria’s pensioners. Beyond the N758 billion, we are seeing a system that is becoming more inclusive, resilience, transparent and trsted,”she said.
Stakeholders have largely welcomed the intervention, describing it as a strong sinal of government commitment to pension obligations and reform continuity. The payout forms a central pillar of PenCom’s Pension Revolution 2.0” agenda, a broad reform framework aimed at restoring confidence, expanding coverage and strengthening governance across the pension value chain.
Oloworaran disclosed that a major outcome of the intervention has been the clearance of long-standing pension increase arrears for treasury-funded federal retirees, some dating back to 2007.
She also announced the restoration of zero waiting time for the payment of accrued pension rights, effective July 2025, ensuring retirees receive benefits promptly upon retirement.
Industry observers say these measures, combined with stronger enforcement, could further boost participation in the CPS, improve asset accumulation and enhance the sector’s role as a stable source of long-term funds for infrastructure and economic development.
“The pension reform process is no longer a promise; it is an irreversible process already in motion,” Oloworaran said, as industry players look ahead to the next phases of reforms under the Pension Revolution 2.0 programme.
