The Director General of the National Pension Commission (NPC) Ms Omolola Oloworaran has commended the Executive Governor of Oyo State, His Excellency, Engr Oluseyi Abiodun Makinde for approving and implementing pension reforms most especially Contributory Pension Scheme ( CPS).
Ms Omolola Oloworaran gave the commendation while delivering her welcome address at the National Pension Commission first run 2026 Consultative Forum for States and Federal Capital Territory held recently in Lagos .
She stated that the Oyo State government that just commenced the Contributory Pension Scheme contributes 12 percent as employer while employees are to contribute 8 percent compared with other states that are contributing 10 percent and employees 10 percent respectively .
The Director General also gave kudos to the Governor for approving payment of outstanding contributions for the period of January 2025 to June 2026 for both government and employees contributions. She then said Engr Seyi Makinde’s government is worthy of emulation and jokingly said Makinde should be allowed to be in government for the third term.
According to her “3D Pension Model is designed specifically to help States resolve legacy liabilities and accelerating development of Contributory Pension Scheme. No framework , no regulation and no model however well designed can substitute for political will. Real reforms begin with implementation, execution, universal coverage of all employees, prompt and complete remittance of contributions , proper funding of outstanding contributions accrued rights and the timely payment of retirement benefits. These four commitments are the difference between pension law and promise kept”.
In his presentation at the Consultative Forum, the Chairman of the Oyo State Pension Board who is also the leader of the Oyo State team at the programme, Hon Tunji Rafiu Adekunle disclosed that Gov Seyi Makinde is committed to workers and pensioners welfare and approved workers employed under the present administration are the enrollees of Contributory Pension Scheme.
Hon Adekunle further stated that many states adopted 10 percent employer and 10 percent employees contribution but Oyo state government is contributing 12 percent while employees contribute 8 percent of their monthly salary and also governor approved payment of contributions ( employer i.e government and employees) from January 2025 to June 2026.
He also stated that Defined Benefits Scheme is in operation alongside the Contributory Pension Scheme in the Pacesetter state.
The event had in attendance critical stakeholders on Pension matters across the states and FCT while Oyo State team included the Chairman of the State Pension Board , Hon Tunji Rafiu Adekunle, the Chairman of the Oyo State Local Government Staff Pension Board , Hon Akeem Ademola Ige, Permanent Secretaries of both Boards, Reverend Victor Adesola and Tpl Olufemi Akinwale respectively, Acting Head of Local Government Administration, LGSPB Alhaji Musibau Ladele, Director of Finance and Supplies LGSPB Mrs Temitayo Adeyemo , Director of Finance and Account State Pension Board, Mr Oyedele and Pension Desk Officer LGSPB Mrs Oluseyi Olomide.
