BREAKING: PENCOM DELIVERS MASSIVE 1,173% PENSION BOOST TO 2,116 NSITF RETIREES!
GREATRIBUNETVNEWS–THE National Pension Commission (PenCom) has approved a whopping 1,173% increase in pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), marking the first pension hike in 21 years!
Here are the key highlights:
– Pension Increase:Monthly pension payments have jumped from ₦12.56 million to ₦159.95 million.
– Arrears Payment:₦8.70 billion in pension arrears has been paid to the affected retirees, with an average payment of ₦3 million per retiree.
– Individual Impact: One retiree’s monthly pension was boosted from ₦18,000 to ₦206,000, with an additional ₦8 million in arrears.
– Fund Growth:The NSITF Fund has grown from ₦54 billion in 2005 to ₦195 billion as of December 2025, showcasing prudent management.
-Alignment with Policy: The increase aligns with President Bola Ahmed Tinubu’s policy to enhance retiree welfare
The NSITF was established in 1993 as the successor to the National Provident Fund (NPF), managing pension benefits for private sector employees prior to the introduction of the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2004.
Following the reform, pension assets under the defunct NSITF Scheme were transferred to Trustfund Pensions Limited, which was mandated to manage the Scheme’s assets and administer benefits to existing and deferred pensioners.
Section 39(3) of the PRA 2014, together with Section 173(3) of the Constitution of the Federal Republic of Nigeria, mandates periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews. Furthermore, the NSITF Benefits Payment Policy provides that the minimum retirement pension should not be less than 80% of the prevailing National Minimum Wage.
Despite these provisions, the last review of NSITF pensions occurred in 2005.
In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms. PenCom consequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement.
So far, payments have been made to verified NSITF retirees. To ease the burden associated with pension verification exercises, PenCom approved the deployment of the “VerifyMe” digital solution for automated revalidation of NSITF pensioners. This initiative eliminated the rigours of physical verification requirements and thereby improving service efficiency for the senior citizens.
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