The Federal Government has inaugurated a new body, the Pension Industry Leadership Council (PILC), designed to reform and strengthen Nigeria’s pension system while expanding its role in national development.
The council was launched in Abuja by the Secretary to the Government of the Federation, Senator George Akume, who explained that the platform would improve transparency, ensure effectiveness, and create opportunities for pension funds to support economic growth.
According to Akume, the PILC will serve as a convergence point for government, the National Pension Commission (PenCom), pension operators, and other industry stakeholders. Members are expected to meet quarterly to review policies, address challenges, and chart new directions for the sector.
He further assured Nigerians that under the Contributory Pension Scheme (CPS), there were no unpaid benefits as of September 2025, stressing that the Federal Government remains committed to sustaining the system with stable policies and fiscal discipline.
Among the pressing issues the new council will tackle are the impact of inflation on retirees, low coverage of the informal sector, and the lingering lack of public trust in the pension scheme. Plans are already underway to expand micro-pension schemes, digital platforms, mobile payments, and tax incentives aimed at capturing millions of workers outside the formal economy.
Beyond retirement benefits, government officials say the council will also encourage pension funds to play a greater role in financing infrastructure, housing, renewable energy, and small businesses, with a view to boosting national development.
Stakeholders have welcomed the creation of the PILC, describing it as a timely initiative to strengthen governance, deepen accountability, and ensure that retirees enjoy greater financial security in the years ahead.
Report by: Isaac Blessing | Edited by: Chris Odjomah