The National Pension Commission (PenCom) has approved a significant upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), resulting in a dramatic 1,173% increase in their total monthly payouts.
This marks the first pension enhancement for these retirees in 21 years, following prolonged protests and advocacy.The decision, endorsed by President Bola Ahmed Tinubu and PenCom Director General Ms. Omolola Oloworaran, raises the combined monthly pension for the affected retirees from ₦12.56 million to ₦159.95 million.
In addition, PenCom has disbursed ₦8.70 billion in accumulated pension arrears, averaging approximately ₦3 million per retiree.
PenCom described the move as a step to address long-standing disparities and restore the real value of pension benefits in line with statutory requirements and current economic realities.
“This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions,” the commission stated.
An example highlighted by PenCom illustrates the impact: one retiree's monthly pension has risen from about ₦18,000 to ₦206,000, with the individual also receiving over ₦8 million in arrears.
The adjustment demonstrates the federal government's commitment to improving retirees' welfare, particularly for those under the NSITF scheme.
The increase comes amid broader efforts to enhance pension systems in Nigeria, though this specific relief targets the long-neglected NSITF group.
This development has been welcomed as a milestone in addressing pensioner grievances that had persisted for over two decades.
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