By Victor Ahiuma-Young

The National Pension Commission, PenCom, has raised fresh concerns over the slow adoption of the Contributory Pension Scheme, CPS, across the country, revealing that 12 states are yet to commence the scheme, while seven others are still struggling with partial or poor implementation.

PenCom’s Director General, Ms Omolola Oloworaran,  who spoke at the Second Run of the 2025 Consultative Forum for States and the FCT,  held in Benin City, Edo State, said the uneven implementation poses a significant threat to Nigeria’s quest for universal pension coverage and a secure retirement system for all workers.

Represented by the Commissioner, Inspectorate, Samuel Uwandu,  the DG explained that the Forum was convened “to strengthen our partnership in securing a dignified and financially stable retirement for every Nigerian worker.”

She recalled that when the CPS was introduced in 2004, it signaled “a decisive move from dependence on state-funded old-age support to a culture of personal retirement savings and proactive financial planning.” 

According to her, the scheme has now grown to cover over 10.9 million workers, with pension assets surpassing ¦ 26 trillion.

The DG explained that while progress has been significant at the federal level and among several proactive states, the reform remains incomplete without full nationwide implementation. 

“The success of this reform depends on its full implementation across all States, Local Governments, and the Informal Sector,” she said.

Highlighting her first-year achievements in office, Ms Oloworaran, listed key reforms, including timely payment of accrued pension rights, an increase in monthly pensions for retirees, planned re-introduction of gratuity payments for Federal civil servants under the CPS, rollout of the new Pension Contribution Remittance System (PCRS), National Executive Council, NEC’s approval of a ¦ 758 billion bond to clear legacy pension liabilities and launch of Pension Revolution 2.0 to expand coverage to the informal sector.

She stressed that the Commission remains committed to supporting state governments.

 “PenCom is your partner. We provide technical assistance and policy support because pension reform is not merely a Federal initiative—it is a national imperative,” she said.

Calling for stronger collaboration, the DG urged all states and pension stakeholders to work together to make the CPS a true national vehicle for retirement dignity. 

“Every reform implemented, and every pension liability cleared, moves us closer to making a dignified retirement not just a possibility, but a guarantee,” she added.

Declaring the forum open, Governor Monday Okpebholo of Edo State, represented by the Secretary to the State Government, Musa Ikhilor, applauded PenCom for hosting the event in Edo. 

He said the gathering offered an opportunity for states to harmonise pension practices and align with national standards.