By IMELDA OSAYANDE

The Nigerian Pension Commission (PenCom), on Wednesday, said 17 of the 36 states in the federation are implementing the contributory pension scheme.

The Director General (DG) of the Commission, Ms. Omolola Oloworaran, disclosed this in her address of welcome at the Second Run 2025 Consultative Forum for states and the FCT, held in Benin.

Oloworaran, however, lamented that 12 states were yet to start, while seven were at various stages of establishing their pension bureaus.

She also said that the existing micro-pension plan for the informal sector was being redesigned and rebranded as Personal Pension Plan to take care of the millions of Nigerians in the informal sector.

She commended President Bola Tinubu for approving a ?758 billion bond to settle legacy pension liabilities, such as accrued rights, pension increases, and minimum pension guarantees.

Oloworaran was represented at the event by the Commissioner of Inspectorate in the commission, Samuel Uwandu.

She said: “Today, under the CPS, that promise is being kept for over 10.9 million workers at the federal, state, and private sector levels, with pension assets now topping ?26 trillion, fuelling our nation’s development.

“But our mission as an industry is not complete,” She added

According to Oloworaran, the success of this national reform rests on its implementation in every state, local government, and across the informal sector.

“This forum is the engine of that collaboration.

“This November marks one year since I assumed office as DG of NPC, and it has been a year of deliberate reform, focused on strengthening governance and expanding the value of the pension system for all Nigerians,” she said.

Oloworaran said that last year, the commission achieved the timely payment of accrued pension rights, the planned re-introduction of gratuity payments for federal civil servants under the CPS, and the introduction of a new Pension Contribution Remittance System (PCRS) to eliminate errors and delays in pension remittances, among others.

She emphasised that the success of Nigeria’s pension system “depends on the extent to which sub-national governments embrace the full implementation of the CPS/CDBS”.

She commended the states that had made significant progress, by enacting pension laws and commencing contribution remittances for their workers.

In a presentation on “Recent Developments in the Pension Industry,” the Acting Head of Corporate Communications of the Commission, Ibrahim Buwai, said the scheme for the informal sector “offers a flexible structure for individuals to contribute at their own pace, ensuring that every Nigerian, regardless of employment type, can build retirement savings”.

Declaring the two-day event open, Gov. Monday Okpebholo, said his administration believed in the contributory pension scheme.

Okpebholo, represented by the Secretary to the State Government, Musa Ikhilor, said that he was already expecting a report on the pension scheme in the state and was ready to abide by the recommendations.

He said the administration had released N3 billion of the N5 billion owed to staff of the state-owned College of Education, disengaged when the school was taken over by the Federal Government. (NAN)