PenCom Says Federal Pension Rights Funded Through 2029

The National Pension Commission says the Federal Government has cleared a 21-month backlog in accrued pension rights for enrolled federal workers and built a 41-month funding surplus, covering their entitlements through December 2029.

PenCom Director-General Omolola Oloworaran announced the figures at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja. She was represented by Ibrahim Buwai, the commission’s head of corporate communications. The funding position and payment updates were presented by PenCom; the reports did not include independent funding or payment records.

Oloworaran said the 41-month surplus means accrued rights for enrolled federal employees who have not retired are funded up to December 2029. She also said retirement benefits under the Contributory Pension Scheme are now processed within a maximum of 48 hours after retirement, and that delays have largely been eliminated.

The commission also highlighted a government-approved additional exit benefit for eligible retirees, equal to 100% of terminal emoluments and effective January 1, 2026. Oloworaran said eligible people who retired in 2026 and submitted the required documents had begun...