President Bola Tinubu has assured Nigerian retirees that they will not be abandoned, pledging to guarantee greater pension security. He made this declaration at the inaugural National Pension Week Leadership Summit in Abuja, themed "Pensions for All: Building a Secure Future Together." The President's address was delivered by Secretary to the Government of the Federation, Senator George Akume. Tinubu emphasized that pension obligations are a responsibility owed to workers, not a discretionary benefit.
The President disclosed that his administration inherited outstanding pension obligations that had remained unsettled for years. To address this, he approved the N758 billion Federal Government Pension Bond to settle accrued rights and strengthen the Pension Protection Fund. This move aims to restore confidence among retirees who had waited for benefits earned during their years of service. The bond is part of the administration's efforts to improve pension administration and ensure retirement benefits are paid.
Tinubu's administration will implement the Minimum Pension Guarantee provided under the Pension Reform Act 2014, which had remained unimplemented for over 11 years. This provision establishes a minimum level of pension protection for eligible retirees. The announcement comes amid efforts to strengthen the Contributory Pension Scheme and address concerns about retirement benefit adequacy. The Pension Reform Act 2014 provides the legal framework for the scheme.
The President also launched PenCare, a national retiree wellbeing programme that will provide low-income retirees with access to essential healthcare services. This initiative extends retirement support beyond pension savings management to address healthcare needs of retirees with limited financial resources. Tinubu emphasized the need for a pension system that delivers practical protection and improves beneficiaries' wellbeing.
A strong pension system is both a social protection imperative and a strategic component of economic transformation under Tinubu's Renewed Hope Agenda. Pension funds can mobilize long-term domestic savings, deepen financial markets, and support productive investments while providing contributors with sustainable retirement benefits. The President stressed that government alone cannot guarantee retirement security.
Tinubu urged regulators, employers, pension fund managers, state governments, organized labour, and stakeholders to strengthen compliance with pension laws. He charged the National Pension Commission to enforce the law without fear or favour. The President also warned public and private sector employers against deducting pension contributions without remitting funds to pension accounts.
The President challenged Pension Fund Administrators and Pension Fund Custodians to deepen their expertise, diversify investments responsibly, reduce costs, and focus on benefits contributors ultimately receive. He warned that pension savings must generate returns capable of protecting their value against inflation. With these measures, Tinubu's administration aims to ensure a secure future for Nigerian retirees.
Key points
- President Tinubu approves N758 billion Federal Government Pension Bond to settle accrued pension rights.
- The administration will implement the 11-year-old Minimum Pension Guarantee.
- PenCare programme to provide essential healthcare for low-income retirees.
