President Bola Ahmed Tinubu has stated that a strong pension system is crucial for social protection and economic transformation in Nigeria. According to him, the pension system is a strategic pillar of economic transformation under the Renewed Hope Agenda, mobilising long-term domestic savings, deepening financial markets and supporting productive investment. Tinubu made this statement at the inaugural National Pension Week Leadership Summit held at Transcorp Hilton, Abuja.
The President, represented by the Secretary to the Government of the Federation, Senator George Akume, disclosed that he inherited pension obligations deferred for far too long, with retirees waiting years for accrued rights. To address this issue, Tinubu approved the N758bn Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund. Akume said this move was an act of restitution to Nigerians who served their country and were made to wait for what they had earned.
In a landmark policy shift, President Tinubu announced that his administration will honour the Minimum Pension Guarantee provision of the Pension Reform Act 2014. This provision, which has never been implemented since its enactment over 11 years ago, aims to provide a guaranteed minimum pension to retirees. The President also launched PenCare, a national retiree wellbeing programme that will provide low-income retirees with access to essential healthcare.
President Tinubu emphasized that pension is a national obligation, not a favour. He stated that a pension is a wage earned, deferred and held in trust, and that his administration has resolved to keep this promise. The President charged the National Pension Commission to enforce the law without fear or favour and urged employers to remit contributions fully and promptly.
The President challenged Pension Fund Administrators and Custodians to deepen their expertise, diversify responsibly, drive down costs and measure success not by assets under management but by what each contributor ultimately receives. He cautioned that preservation without growth is a slow erosion and that retirement savings that fail to keep pace with inflation quietly betray the very people who saved them.
President Tinubu directed an aggressive push beyond the formal sector, saying traders, artisans, farmers, transport workers and millions of self-employed Nigerians deserve a realistic pathway to secure old age through the Personal Pension Plan and new distribution channels. He called on State Governments, organised labour and all stakeholders to join hands to expand coverage and deepen compliance.
The President stressed that the true measure of success will not be how much money the system holds, but how much security and dignity it delivers. He declared that no Nigerian who has served the nation will be forgotten in retirement, and that Nigeria will keep faith with those who kept faith with Nigeria. The President's address was themed "Pensions for All: Building a Secure Future Together."
Key points
- President Tinubu approves N758bn bond to settle pension rights and strengthen Pension Protection Fund
- 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
