Tinubu’s govt approves 1,173% pension boost to NSITF retirees after two decades

The Nigerian government, through the National Pension Commission (PenCom), has approved a massive 1,173% increase in pensions for NSITF retirees—nearly 21 years after protests and demands for improved benefits began.

In a statement released on Wednesday, PenCom announced that 2,116 retirees under the NSITF scheme will now receive a combined monthly pension payout of ₦159.95 million, a sharp increase from the previous ₦12.56 million.

Beyond the monthly increase, the retirees are also set to receive ₦8.70 billion in pension arrears, marking one of the most significant pension adjustments in Nigeria’s recent history.

The Commission said the move, approved by President Bola Ahmed Tinubu and PenCom Director-General Ms. Omolola Oloworaran, demonstrates the government’s commitment to the welfare of retirees.

“With this approval, NSITF retirees will now go home with over N206,000 monthly pension, up from N18,000, and at least N3 million in pension arrears per retiree,” the statement said.

PenCom added that 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.

“Additionally, as part of the enhancement, the 2,116 NSITF retirees have received N8.70 billion in pension arrears, with an average payment of about N3 million per retiree.

“In one notable case, a retiree’s monthly pension increased from about N18,000 to N206,000, alongside over N8 million in arrears,” the commission added.