President Bola Ahmed Tinubu has assured Nigerians that his administration will not forget those who have served the nation in retirement. At the inaugural National Pension Week Leadership Summit in Abuja, he emphasized the importance of restoring dignity, security, and measurable value to the Contributory Pension Scheme. Tinubu was represented by Secretary to the Government of the Federation, Senator George Akume, who delivered his address.
The President views pension as a national obligation, not a favour, and has resolved to keep the promise of providing pensions to retirees. Akume stated that a pension is a wage earned, deferred and held in trust, and that the administration will honour this promise. Tinubu inherited pension obligations that had been deferred for far too long, with retirees waiting years for accrued rights.
To address this issue, President Tinubu has approved the N758 billion Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund. Akume described this move as an act of restitution to Nigerians who served their country and were made to wait for what they had earned. This decision aims to reverse the injustice faced by retirees.
In a landmark policy shift, the President announced that his administration will finally honour the Minimum Pension Guarantee provision of the Pension Reform Act 2014. This provision has never been implemented since its enactment over 11 years ago. The President's move is expected to bring relief to retirees who have been waiting for this benefit.
The President also launched PenCare, a national retiree wellbeing programme that will provide low-income retirees with access to essential healthcare. This programme marks a decisive shift from a system that merely holds savings to one that guarantees a floor of dignity. The President emphasized that a strong pension system is both a social protection imperative and a strategic pillar of economic transformation.
President Tinubu warned that government cannot deliver retirement security alone and charged the National Pension Commission to remain firm, fair, and forward-looking in enforcing the law. He also charged employers to remit contributions fully and promptly, noting that failure to do so is a breach of trust. The President challenged Pension Fund Administrators and Custodians to deepen expertise, diversify responsibly, and drive down costs.
The President emphasized that preservation without growth is a slow erosion and that retirement savings must keep pace with inflation. He insisted that security of capital and disciplined growth must go together. With these measures, the President aims to ensure a secure future for retirees and promote economic transformation under the Renewed Hope Agenda.
Key points
- President Tinubu approves N758bn pension bond to settle accrued pension rights
- Administration to honour Minimum Pension Guarantee provision of Pension Reform Act 2014
- PenCare programme launched to provide low-income retirees with access to essential healthcare
