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PenCom disburses N577bn to retiree, contributors
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The National Pension Commission (PenCom) said it has paid out over N577.26 billion to retirees and pension contributors, following the Federal Government’s unprecedented intervention to clear long-standing pension liabilities.
The Director-General of PenCom, Ms. Omolola Oloworaran, made the disclosure while addressing journalists at the “2025 Pension Revolution Summit – A 365 Days Scorecard,” where she presented an account of reforms, payouts and structural changes recorded by the Commission over the past year.
Oloworaran said the Federal Government approved and released N758 billion to settle outstanding pension liabilities, describing the development as one of the most historic milestones in the pension industry.
According to her, the funds were realised through the bond market and deployed to address pension increases, accrued rights and other legacy obligations.
“The National Pension Commission has paid out N362,742,954,000 to about 194,000 retirees from the N758 billion realised,” she said. “The major tranche of this was N387 billion for pension increases. Out of this amount, we have paid N362,742,954,000, leaving a balance of about N24.7 billion, which we are processing.”
She explained that the disbursement had a significant impact across the public sector, with a notable portion paid to security personnel. A director of the Commission added that “out of the N362 billion paid out, 32 per cent, amounting to N132 billion, was paid to the Nigeria Police.”
Oloworaran further disclosed that the Commission has commenced payments under the minimum pension guarantee framework, describing it as the Federal Government’s contribution toward protecting retirees on the lower end of the income scale.
“We are coming out with the minimum pension guarantee. This is just a share of the Federal Government in paying the subvention for the minimum pension guarantee, and this is also being disbursed,” she said.
She added that PenCom has also remitted N107 billion to cover the Federal Government’s outstanding 2.5 per cent pension contributions for a five-year period, after noting that the government did not make those contributions between 2017 and 2021.
“This went directly to the addresses of 750,223 individual retirement savings accounts,” Oloworaran said, adding that payments to professors under approved pension enhancements were also ongoing in batches.
According to her, the cumulative effect of all the disbursements shows that a total of N577,264,960,890.43 has been credited directly to the accounts of pension retirees and contributors, impacting more than 1.05 million retirement savings accounts nationwide.
Speaking on the significance of the intervention, Oloworaran said the Presidential approval and release of N758 billion sent a strong message about the country’s commitment to its workforce. “This unprecedented intervention set a clear and powerful signal that Nigeria honours its promises to its workers and retirees. We have the talk and we do the precedent,” she said.
She also said PenCom introduced Pension Post 1.0 earlier in the year to improve benefit adequacy, noting that the initiative has already added N2.6 billion to monthly pension payments for retirees under the Contributory Pension Scheme since June.
“These are not just numbers,” she said. “They are meals on tables, medicine bought, debts settled, and dignity preserved.”
On technology-driven reforms, Oloworaran said the Commission has automated several previously manual processes, including pension payroll certification. “The process is now automated, and there is a significant upgrade coming,” she said, adding that benefit processing and contribution maintenance platforms have also been upgraded through a system known as COBRA, which she said is now live and operational.
She disclosed that PenCom inaugurated the Board of Trustees of the Pension Healthcare Initiative, known as PENCARE, describing it as a landmark intervention to provide affordable and accessible healthcare for low-income retirees.
“Retirement should be a season of peace, not a period defined by anxiety over medical bills,” she said, thanking industry stakeholders for supporting the initiative.
Oloworaran also announced the establishment of the Pension Industry Leadership Council, a platform designed to foster collaboration, accountability and innovation across the sector.
She said another major reform was the restructuring of the micro-pension plan into the Personal Pension Plan, aimed at expanding coverage among informal sector workers such as artisans, traders, gig workers and creatives.
“Under the Personal Pension Plan, onboarding is completely simplified. I believe you only need your name and a verifiable identity to onboard,” she said.
She disclosed that PenCom has expanded digital enrolment and introduced accredited pension agents, adding that approval in principle has already been granted to one agent Awabah, with another in progress. According to her, the initiative is also designed to create employment opportunities for young Nigerians.
“Accredited pension agents are not merely a distribution channel. They are also an employment strategy,” Oloworaran said.
On regulation, she said the Commission deliberately raised capital requirements for pension operators to strengthen the industry. “This was not punitive. It was purposeful. Stronger capital means stronger institutions,” she said.
She added that governance rules were also tightened to eliminate shadow directorships. “Pensions cannot be managed from the shadows. Transparency, accountability, and fit-and-proper leadership are not negotiable,” she said.
Oloworaran said a compliance circular issued in the second quarter of the year, which linked pension clearance certificates to participation in pension-related transactions, has already changed behaviour across the system.
“If you don’t have a pension clearance certificate, you can’t do business with PFAs, custodians or even transact with the largest banks,” she said.
According to her, pension recoveries rose sharply following the directive. “From January to November this year, total pension recoveries reached N4.04 billion, compared to N1.44 billion for the whole of 2024. That is an increase of about 180 per cent,” she said, adding that N2.06 billion was recovered in the third quarter of 2025 alone.
She said the surge in recoveries and clearance certificate issuance shows that compliance improves when enforcement carries real economic consequences. “This clearly demonstrates that when compliance is tied to real consequences, behaviour changes,” Oloworaran said.
The Independent National Electoral Commission (INEC) will on Saturday, August 1, 2026, publish the particulars of all presidential and National Assembly candidates contesting the 2027 general election for public inspection at its offices across the country.
The publication of the candidates’ details, contained in Form EC9, is in compliance with Section 29(3) of the Electoral Act, 2026, which requires the commission to make the personal particulars of nominated candidates available for public scrutiny within 21 days of receiving them.
Political parties concluded the online submission of the names, personal particulars and other required documents for their presidential and National Assembly candidates on Tuesday, July 14, 2026, after INEC granted a 72-hour extension to the original deadline. ExecutiveBranch
Under the commission’s revised timetable, nominations for presidential and National Assembly candidates were initially scheduled to be submitted between June 27 and July 11, 2026.
Section 29(1) of the Electoral Act, 2026, requires political parties to submit Forms EC9, EC9A, EC9B, EC9C, EC9D and EC9E, containing the names and personal particulars of their nominated presidential and National Assembly candidates, not later than 120 days before the election.
Speaking on whether the 72-hour extension would affect the publication date, INEC Deputy Director of Publicity, Wilfred Osilama Ifogah, said he did not expect any change, although he stressed that he was expressing a personal opinion rather than the commission’s official position.
“I doubt. It might not necessarily affect it. It’s just for the Commission to put the information together and submit it. This is my opinion. I’m not talking officially. When it gets to the time, you will see whether the Commission will publish it or not,” he said.
Meanwhile, the online submission of nominations for governorship and State Houses of Assembly candidates, which commenced on July 18, will continue until August 8, 2026.
INEC has scheduled August 29, 2026, for the publication of the personal particulars of governorship and State House of Assembly candidates through Form EC9.
The commission had earlier conducted party primaries for all elective positions between April 23 and May 30, 2026.
According to INEC’s election timetable, the presidential and National Assembly elections will hold on January 16, 2027, while the governorship and State Houses of Assembly elections are scheduled for February 6, 2027
By Gloria Ikibah
A coalition of civil society organisations and youth groups has announced plans to convene a national dialogue on proposed reforms to the National Youth Service Corps (NYSC), seeking to ensure that the review process reflects the views of Nigerians before the Federal Government takes a final position.
The initiative, being organised by the Centre for Equity, Justice and Transparency in partnership with the Save Nigeria Movement, is expected to bring together policymakers, academics, former corps members, youth organisations, security agencies and other stakeholders to examine the future of the scheme and recommend practical reforms.
Convened by legal practitioners Sorkaa Tsembelee and Patrick Agbese, the one-day dialogue aims to generate a comprehensive working document that will be presented to the Federal Government as part of ongoing efforts to review the NYSC Act.
In a statement issued on Friday, the organisers said the forum was intended to provide an inclusive platform where stakeholders could contribute meaningfully to the reform process.
The statementread: “The essence of this dialogue is for critical stakeholders to make input into the proposed NYSC reforms before the President’s administration takes final decisions.
“We will have senior academics, former corps members, youth groups and other members of society to dissect the proposed reforms thoroughly.
“It will thereafter catalyse into a working document for the Federal Government. We will invite the CDS, the Army and others. Let everyone look at it and say their own.”
Established in 1973 after the Nigerian Civil War, the NYSC was designed to promote national unity, encourage integration among young graduates and foster national development through compulsory service outside their states of origin. Over the decades, corps members have played significant roles in education, healthcare, agriculture and community development, particularly in underserved communities.
However, growing concerns over the safety and welfare of corps members, inadequate funding, deployment policies and questions surrounding the relevance of some aspects of the programme have fuelled calls for a comprehensive review.
The organisers said the dialogue will assess whether the scheme still aligns with its founding objectives while identifying legislative and policy changes needed to address present-day realities.
They maintained that while reforms were necessary, the NYSC’s central mission of promoting national cohesion should be preserved alongside efforts to strengthen skills development, entrepreneurship and youth empowerment.
“This is not about tearing down an institution that has served Nigeria well; it is about refining it with the collective wisdom of those who have lived the experience and those who study its impact.
“Former corps members carry practical insights that policymakers often miss, and we want those voices at the table.
“Youth groups and civil society must not be spectators while decisions that will shape the next generation of Nigerian graduates are taken. The dialogue creates the space for genuine, structured input”, it added,.
According to the organisers, discussions will focus on critical issues including corps members’ welfare, security, orientation camp facilities, deployment procedures, funding mechanisms and the effectiveness of the Community Development Service (CDS) programme.
They added that academics will provide comparative analyses of national service models in other countries, while security agencies would offer institutional perspectives on improving the protection of corps members, particularly those posted to areas affected by insecurity.
“We cannot discuss NYSC reforms without hearing from those who secure the environment in which corps members serve. The CDS and the Army have institutional knowledge that is indispensable.
“Their perspectives on logistics, security and inter-agency coordination will enrich the final document.
“Senior academicians will help us situate the proposed reforms within the broader context of nation-building. We need evidence-based contributions, not just opinions”, the said.
The organisers said the ultimate goal was to produce practical recommendations capable of informing both legislative and executive action.
They explained that the final report would reflect contributions from former corps members, scholars, security agencies, youth organisations and civil society groups, providing government with workable proposals for strengthening the scheme without compromising its original mandate.
“The working document that emerges from this dialogue must be something the government can work with.
“It should reflect the views of those who have served, those who teach, those who protect, and those who advocate.
“Anything less would be a missed opportunity. We are calling on all stakeholders to come prepared to engage constructively.
“The future of the NYSC is too important to be decided in isolation. This national dialogue is our contribution to an open, inclusive process”, the statement further read.
The Minister of Power, Joseph Tegbe, has declared that President Bola Tinubu’s administration has no intention to jerk up electricity tariffs beyond the current level.
He disclosed this during a media briefing in Abuja on Friday.
According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.
The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.
“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.
“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.
He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.
“Our ambition is clear: reliable electricity that powers our homes.”
Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.
Nigerian electricity consumers have kicked against the proposed electricity tariff hike.
INEC set to publish details of 2027 Presidential, National Assembly candidates on August 1
CSOs, Youth Groups Push for Inclusive NYSC Reform, Convene National Dialogue
No plans to increase electricity tariffs – Power Minister assures Nigerians
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