Government Pushes for Improved Workers’ Pensions – Pension Revolution 2.0
- Nigeria News
- 25.09.2025
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Government Pushes for Improved Workers’ Pensions – Pension Revolution 2.0
Breaking News: The Nigerian government, through the National Pension Commission (PenCom), has launched a bold reform agenda called Pension Revolution 2.0 to expand access to retirement benefits and strengthen the nation’s pension system.
The National Pension Commission (PenCom) has unveiled Pension Revolution 2.0: Stronger Pensions, Stronger Nigeria. This ambitious programme aims to reinforce the country’s pension system as a cornerstone of national development while expanding retirement benefits for millions of workers across Nigeria.
According to PenCom, this initiative marks the most significant reform since the introduction of the Contributory Pension Scheme in 2004. It signals the government’s renewed commitment to long-term social security and financial inclusion for workers.
The announcement comes amid rising labour unrest and demands for improved welfare. Last week, the Association of Senior Civil Servants of Nigeria called for the settlement of a decade’s worth of unpaid wages and allowances, accusing authorities of ignoring repeated appeals and using force to disperse peaceful demonstrations.
Against this backdrop, PenCom’s new reforms are seen as a significant step toward addressing systemic issues and rebuilding trust between the government and its workforce.
PenCom Director-General Omolola Oloworaran emphasized on Tuesday that the new reforms are designed to protect retirees’ dignity while strengthening the overall retirement system. She stated:
“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. It ushers in a new era of dignity for retirees, inclusion for every Nigerian worker, and resilience for our national economy.”
- Enable dignity in retirement for all workers.
- Broaden access to pension benefits for every Nigerian, including informal workers.
- Mobilise long-term savings as reliable capital for economic growth.
This directive underscores the government’s commitment to transforming the pension sector into a driver of national development.
Beginning this week, PenCom will issue new regulations daily to strengthen standards across:
- Investment management
- Governance
- Compliance
- Service delivery
- Financial inclusion
Within the next three months, PenCom will also pilot health insurance coverage for retirees and activate the Minimum Pension Guarantee to secure a basic income floor for pensioners.
According to Oloworaran, the programme seeks to deliver on five core priorities:
- Enabling dignity for retirees: Through health insurance and a minimum pension floor.
- Optimising investment performance: Safeguarding contributors’ funds while ensuring sustainable returns.
- Expanding pensions: Covering every Nigerian worker, including those in the informal economy.
- Harnessing technology: Improving access and service delivery across the pension system.
- Unlocking pension assets: Using them as a dependable source of financing for national development.
This comprehensive approach represents a bold national strategy aimed at reforming the pension landscape and ensuring a secure retirement future for all Nigerians.
Oloworaran highlighted that Pension Revolution 2.0 is more than regulatory reform:
“It is a renewal of trust, an evolution of our system, and a bold national strategy,” she said, adding that the reforms will guide Nigeria’s pension industry into its next phase of growth and resilience.
The programme reflects the government’s determination to balance immediate worker concerns with long-term policy reforms.
As part of the rollout, PenCom has already published two revised guidelines on its website:
- The Revised Guidelines on Appointment to Board and Senior Management.
- The Revised Guideline on Corporate Governance.
These guidelines are designed to enhance transparency, strengthen oversight, and ensure that pension fund operators meet the highest standards of professionalism and ethics.
The Commission stressed that these reforms will not only transform retirement savings but also ensure that the pension industry contributes more directly to Nigeria’s long-term economic development. By mobilising pension funds as a source of reliable capital, PenCom aims to:
- Support infrastructure and critical sectors.
- Stimulate job creation and private-sector investment.
- Enhance financial stability and deepen capital markets.
This dual focus on retirees’ welfare and national growth underscores the strategic importance of Pension Revolution 2.0.
The government’s push for improved workers’ pensions through Pension Revolution 2.0 marks a transformative moment in Nigeria’s social security landscape. With daily regulations, health insurance pilots, and a Minimum Pension Guarantee on the horizon, PenCom is setting new standards for transparency, governance, and inclusion.
As the reforms roll out, workers, retirees, and pension fund operators alike will be watching closely. This initiative is not just a policy change but a national strategy to build a more resilient, inclusive, and prosperous Nigeria.
Written by Punch News All rights reserved.
