In the 2026 appropriations bill, the Federal Government of Nigeria has set aside N334.54 billion for contributory pension plans across all of its agencies.The Federal Government of Nigeria has allocated a total of N334.54 billion for contributory pension schemes across its various agencies in the 2026 appropriation bill.
Pension contributions for 674 federal government agencies, parastatals, universities, teaching hospitals, security agencies, and other organisations are to be covered by this budgetary allotment.
The 2026 budget proposal, which was just sent to the National Assembly for approval, contains specifics about the amount.
The major contributions to the contributory pension plan for the year are outlined in the appropriations bill, with a sizable portion designated for different sectors.
The highest contribution for the year is N73.671 billion, which is one of the biggest allotments for police formations and commands.
This sum is included in the Nigeria Police Force’s larger N1.302 trillion budget, which also covers salaries, pensions, and other operating costs.
With N15.493 billion set aside for its contributory pension plan, the Nigeria Security and Civil Defence Corps (NSCDC) comes next. This is included in the NSCDC’s annual budget of N244.259 billion.
Furthermore, of the N198.846 billion allotted for the services, N8.459 billion has been set aside for the Nigeria Correctional Services’ pension contributions.
The Nurse Tutor Programme Akoka, Lagos, receives N1.491 million, while the National Agriculture Development Fund (NADFund) receives N830,529 for its contributory pension plan at the lower end of the allocation spectrum.
The Nigerian government is continuing to emphasise the value of pensions for its workforce, including its sizable and diverse public sector, with the 2026 appropriations bill.
The budgetary allotments demonstrate a dedication to enhancing pension contributions across federal agencies and guaranteeing that workers in vital industries, such as security and correctional services, receive sufficient retirement plan support.
Despite more general economic difficulties, Nigeria’s pension assets have grown overall, indicating a positive trend for the sector.
Nigeria’s pension sector was still expanding in October 2025, with N26.66 trillion in total pension assets. This represented a significant 21.63% year-over-year increase and a 2.19% month-over-month increase from N26.09 trillion in September.
The pension sector has persevered in the face of a difficult macroeconomic climate marked by inflation, volatile foreign exchange, and unstable capital markets.
Strong faith in Federal Government securities and cautious rebalancing into safer, more liquid assets have played a significant role in this stability.
The data also shows a consistent rise in RSA (Retirement Savings Account) enrolments, which increased from 10.93 million in September to 10.97 million in October. This is a reflection of the ongoing onboarding of new employees in the formal sector and participants in micro-pensions.
Nigeria’s pension portfolio is still dominated by Federal Government securities, which make up 59.86% of all pension assets. These instruments reached N15.96 trillion, a slight increase of 1.35% from the previous month.
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