FG inaugurates Pension Council, calls for transparency and economic growth
The Secretary to the Government of the Federation (SGF), Senator George Akume, has called on members of the newly inaugurated Pension Industry Leadership Council (PILC) to uphold transparency, inclusivity, and drive economic transformation.
Speaking at the inauguration in Abuja on Thursday, Akume highlighted that the council symbolizes foresight, collaboration, and shared responsibility among government, regulators, operators, and social partners. He said the council’s work will ensure dignity and financial security for Nigerian workers in retirement.
The establishment of the council marks a significant milestone in the country’s ongoing pursuit of financial stability, economic development, and intergenerational security for workers. Since its introduction in 2004, the Contributory Pension Scheme (CPS) has emerged as one of the most enduring institutional reforms in Nigeria, gaining recognition for transparency, governance, and accumulation of investment reserves, which have strengthened worker confidence.
Despite its successes, the pension system continues to face challenges, including inflation, limited informal-sector coverage, insufficient long-term capital for infrastructure projects, and declining public trust. The council has been positioned as a platform for idea generation, problem-solving, and consensus building to address these issues effectively.
The PILC has been tasked with five strategic objectives. The first is strengthening trust in the system by ensuring accountability, transparency, and adherence to governance standards. Expanding coverage comes next, with a focus on scaling up the Micro Pension Plan to reach artisans, traders, and small and medium enterprises.
Mobilising pension assets for national development is another priority, with investments targeted at infrastructure, housing, renewable energy, and SMEs to create jobs and stimulate economic growth. Digital transformation is also central to the council’s agenda, leveraging biometric verification, mobile access, and unified databases to modernize service delivery and combat fraud. Finally, the council will play a role in policy advocacy, acting as a strategic think-tank to influence broader economic and labor policies.
Akume emphasized that the administration remains committed to supporting the pension industry under the Renewed Hope Agenda, viewing pensions as a tool for social protection and an engine for inclusive economic growth. He underlined that workers’ savings will continue to be safeguarded, prudently managed, and leveraged to accelerate national progress. The council is expected to serve as a model of collaboration that secures social trust and delivers tangible value to Nigerians.
The SGF encouraged members to bring vision, courage, and integrity to their roles, while commending the National Pension Commission (PenCom) for its dedication to the industry.
PenCom Director-General, Omolola Oloworaran, noted that since the passage of the Pension Reform Act of 2004, the sector has mobilized long-term savings, enhanced retirement dignity, and strengthened financial stability. She described the council as the next phase in the industry’s transformation, responsible for leading its second major evolution.
According to Oloworaran, pensions now go beyond an industry concern, representing social protection, inclusion, and sustainable economic growth. The council’s five core mandates include expanding coverage to informal-sector workers, enforcing governance and compliance, channeling pension assets into national development while protecting contributors’ interests, driving innovation in systems and products, and strengthening public confidence in pensions.
She emphasized that addressing coverage gaps, adequacy, governance, and impact requires a unified approach. A collaborative and strategic council will help safeguard the financial future of millions of Nigerian workers, setting the stage for a secure and prosperous retirement system.