The Federal Government has approved a 1,173 per cent increase in pensions for retirees of the Nigeria Social Insurance Trust Fund (NSITF), ending nearly 21 years of agitation over stagnant benefits. The approval was conveyed through the National Pension Commission (PenCom).
In a statement on Wednesday, PenCom said the decision affects 2,116 NSITF retirees, whose total monthly pension has risen from ₦12.56 million to ₦159.95 million. The retirees will also receive ₦8.70 billion in accumulated pension arrears.
According to the commission, the increase—approved by President Bola Ahmed Tinubu—marks the first pension review for NSITF retirees in over two decades and is intended to correct long-standing disparities while restoring the real value of benefits in line with economic realities.
PenCom noted that individual pensions have risen significantly, with some retirees seeing monthly payments increase from about ₦18,000 to over ₦206,000, alongside arrears averaging ₦3 million per person, underscoring what it described as the government’s renewed commitment to retirees’ welfare.