The Federal Government has approved a significant pension increase for retirees of the Nigeria Social Insurance Trust Fund (NSITF), ending over two decades of sustained protests and agitation.
The National Pension Commission (PenCom) disclosed this in a statement, announcing that a 1,173 percent increment has been approved for NSITF retirees.
According to PenCom, a total of 2,116 NSITF retirees will now receive a combined monthly pension payout of ₦159.95 million, alongside ₦8.70 billion in accumulated pension arrears.
“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.
PenCom further revealed that the arrears payment averages about ₦3 million per retiree, highlighting the scale of the adjustment.
In one notable case, the monthly pension of an NSITF retiree reportedly increased from about ₦18,000 to ₦206,000, while the individual also received over ₦8 million in pension arrears.
The commission noted that the development represents a major milestone in pension reform efforts and is expected to bring long-awaited relief to affected retirees who have endured years of financial hardship.
