The Traffic

Tinubu Fast-Tracks Pension Reforms, Mandates Immediate Boost for Retirees

In a decisive move aimed at safeguarding the welfare of Nigeria’s aging population, President Bola Ahmed Tinubu has directed the immediate implementation of a pension increase and a guaranteed minimum pension for retirees under the Contributory Pension Scheme (CPS).

The President emphasized that this action is vital to protect vulnerable pensioners and uphold their dignity during retirement. He also instructed the rapid deployment of a free healthcare initiative targeted at low-income retirees—a programme he described as essential to the nation’s social safety net.

This directive followed a high-level briefing at the State House on Wednesday by the Director General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran. According to a statement from the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu is particularly focused on resolving longstanding challenges within the pension system, especially as it concerns Nigeria’s police officers.

“Those who risk their lives daily to maintain law and order must not retire into neglect,” Tinubu stressed, instructing PenCom to urgently address the protracted police pension crisis.

During the meeting, the PenCom DG also outlined key strategies to safeguard the value of pension fund assets amid inflation and economic volatility. She revealed plans to enable foreign currency contributions, allowing Nigerians in the diaspora to invest in the pension system and secure their financial future back home.

President Tinubu applauded the reforms, reiterating his administration’s commitment to inclusive economic growth and social protection, especially for ordinary citizens who have served the nation.

The PenCom DG presented a roadmap of ongoing reforms and upcoming initiatives designed to expand the reach of the CPS, improve transparency, and enhance the quality of life for retirees across the country.

By Haruna Yakubu Haruna