The National Pension Commission, PenCom, says pension contribution rates are expected to increase as part of proposed amendments to the Pension Reform Act, PRA, 2014.
According to a report by TheCable, PenCom Director General, Omolola Oloworaran, disclosed this at the 2026 pension consultative forum for states, the Federal Capital Territory and licensed pension fund operators in Lagos.
Under the current arrangement, employers contribute a minimum of 10 per cent of workers’ monthly emoluments, while employees contribute eight per cent, bringing the mandatory total to 18 per cent.
Oloworaran said PenCom was consulting organised labour and the National Assembly on the proposed amendments, stressing that the process was still at the engagement stage.
She said higher contribution rates would strengthen retirement security but added that all key stakeholders must support the proposed changes before implementation.
The PenCom boss also expressed concern over the slow adoption of the Contributory Pension Scheme by state governments, noting that only eight of Nigeria’s 36 states were currently compliant.
She urged governors to demonstrate stronger political will and prioritise the retirement welfare of their workers.
Oloworaran also criticised the practice of some state governments deducting pension contributions from workers’ salaries without remitting the funds to their Retirement Savings Accounts, warning that such funds could be diverted by future administrations.
She said PenCom would continue engaging non compliant states and explore ways to create sustainable income streams for state pension bureaus.
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