Tinubu launches ₦52,500 minimum pension guarantee

President Bola Tinubu announced the immediate commencement of a ₦52,500 monthly minimum pension guarantee for eligible retirees under Nigeria’s Contributory Pension Scheme, alongside a healthcare programme for low-income pensioners. The measures were unveiled at the Presidential Pension Security Initiatives launch in Abuja on November 10, with Tinubu represented by Senate President Godswill Akpabio. The National Pension Commission (PenCom) will administer the guarantee under the Pension Reform Act.

PenCom Director-General Omolola Oloworaran said 173,209 retirees qualify for the minimum guarantee. She said 34% are from federal service, 12% from state employment and 54% from the private sector. The guarantee is intended to support eligible retirees whose monthly pension falls below the new threshold. PenCom said more than ₦400 billion was available in the Pension Protection Fund to finance it.

The guarantee had been provided for in the Pension Reform Act of 2004 and retained in 2014 legislation, but had not been implemented, according to the reports. Tinubu declared it commenced immediately and urged future administrations to maintain the minimum. The announcement establishes the...