Job losses across Nigeria’s labour market led to 8.43 billion naira in pension withdrawals within three months, as thousands of workers who exited paid employment turned to their retirement savings accounts for short-term financial relief, findings from the National Pension Commission’s third quarter 2025 report have shown.
Data contained in the report revealed that eight thousand, one hundred and seventy-two retirement savings account holders were approved to access twenty-five percent of their pension balances between july and september 2025 due to temporary loss of employment. The pension reform act allows RSA holders who lose their jobs to withdraw part of their savings if they are unable to secure new employment for at least four months after exiting service. PenCom said the provision is designed to cushion income shocks while preserving the long-term integrity of retirement savings under the contributory pension scheme.
