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Presidential Pension Security

President Bola Tinubu’s administration has intensified efforts to strengthen Nigeria’s pension system with the launch of the Presidential Pension Security Initiatives, aimed at improving retirement security, protecting pensioners’ entitlements and restoring confidence in the country’s pension administration.

The initiative was unveiled on Tuesday at the Conference Centre of the Presidential Villa, Abuja, with key government officials and lawmakers in attendance.

Among those present were Senate President Godswill Akpabio, Senate Majority Leader Opeyemi Bamidele, Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, and Senator Cyril Fasuyi.

The gathering brought together representatives of the executive and legislative arms of government, alongside pension sector officials, to highlight the importance of sustainable retirement planning and improved protection for Nigerian workers.

A major component of the initiative is the National Minimum Pension Guarantee Programme, which establishes a minimum monthly pension of ₦52,500 for 173,209 eligible retirees under the Contributory Pension Scheme.

Speaking at the event, PenCom Director-General, Oloworaran, said the minimum pension guarantee was backed by more than ₦400 billion in the Pension Protection Fund.

She explained that the programme fulfils a provision of the Pension Reform Act that had remained unimplemented for 22 years due to inadequate funding.

According to her, 34 per cent of the identified beneficiaries retired from the federal public service, 12 per cent from state governments, while 54 per cent came from the private sector.

Oloworaran also announced the introduction of PenCare, a healthcare initiative designed to provide low-income retirees with access to essential medical services without charge.

She disclosed that the pension industry had committed more than ₦7 billion to the programme, with health insurance premiums already paid for nearly 30,000 retirees.

In his address delivered at the ceremony, Tinubu described the initiative as an important step towards ensuring that Nigerians who contributed to national development during their working years could retire with dignity and financial security.

The President also highlighted efforts by his administration to address outstanding pension liabilities, disclosing that the Federal Government had facilitated the settlement of ₦1.07 trillion out of more than ₦2 trillion in inherited obligations.

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The initiative is also expected to strengthen confidence in Nigeria’s pension system and improve protection for vulnerable retirees facing rising living costs and healthcare expenses.

PenCom said it would continue working with relevant stakeholders to expand pension coverage, particularly among informal-sector workers, including traders, artisans, farmers and commercial transport operators.

The launch represents a significant development in Nigeria’s retirement policy, with the government seeking to move beyond pension contributions towards a broader social protection framework covering income security and healthcare for retirees.

The Traffic NG
Presidential Pension Security
Amarachi Ihesiulo

Ihesiulo Grace Amarachi is a Nigerian journalist, writer and media professional serving as the Editor-in-Chief of TheTraffic.NG, a digital news platform covering national and international affairs. Her editorial interests span politics, business, aviation, health, technology, entertainment, sports and social development. She is committed to credible journalism, insightful reporting and compelling storytelling that informs public discourse and keeps readers abreast of important developments in Nigeria, Africa and beyond.

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