Tinubu Launches ₦52,500 Minimum Monthly Pension for 173,209 Retirees

President Bola Tinubu has launched a ₦52,500 monthly minimum pension guarantee for 173,209 eligible retirees under Nigeria’s Contributory Pension Scheme, ending a 22-year delay in implementing the provision of the Pension Reform Act.

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

The President also inaugurated the Pension Industry Healthcare Plan, known as PenCare, which will provide free essential healthcare services to low-income retirees to reduce their medical expenses.

According to the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, the ₦52,500 minimum pension was actuarially validated and will be reviewed periodically.

The 173,209 beneficiaries comprise 34 per cent of federal retirees, 12 per cent from state employment and 54 per cent from the private sector.

Tinubu also disclosed that his administration had issued a ₦758 billion bond to address outstanding pension liabilities and approved a ₦32,000 monthly consequential adjustment for affected federal pensioners.

He urged future administrations to sustain the minimum pension guarantee, stressing that the policy should be improved rather than discontinued.

PenCom also disclosed that over ₦400 billion is available in the Pension Protection Fund to support the implementation of the minimum pension guarantee.