Tinubu Unveils ₦52,500 Minimum Monthly Pension for Eligible Retirees

President Bola Tinubu has launched a ₦52,500 monthly Minimum Pension Guarantee for 173,209 eligible retirees under Nigeria’s Contributory Pension Scheme.

The initiative was unveiled on Tuesday, November 10, at the Presidential Pension Security Initiatives ceremony in Abuja, where Tinubu was represented by Senate President Godswill Akpabio.

The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, announced the approved minimum pension, explaining that it would protect eligible retirees whose pension benefits fall below the guaranteed amount.

According to her, the 173,209 beneficiaries comprise 34 per cent of retirees from the federal public service, 12 per cent from state governments and 54 per cent from the private sector.

Oloworaran said more than ₦400 billion had been provided through the Pension Protection Fund to finance the programme. She added that the ₦52,500 figure was validated by an actuary and would be subject to periodic review.

The Minimum Pension Guarantee fulfils a provision of the Pension Reform Act introduced in 2004 but which remained unimplemented for 22 years due to funding challenges.

Tinubu also launched the Pension Industry Healthcare Plan for Retirees, known as PenCare, to provide low-income pensioners with access to essential healthcare services without charge.

According to PenCom, the pension industry has committed more than ₦7 billion to the healthcare initiative, with insurance premiums already paid for nearly 30,000 retirees.

The initiatives are part of the Federal Government’s efforts to improve retirement income security and reduce the financial burden of healthcare on vulnerable pensioners.