TINUBU INTRODUCES N52,500 MINIMUM PENSION, TARGETS 173,209 RETIREES UNDER NEW SCHEME President Bola Ahmed Tinubu has launched a Guaranteed Minimum Pension Scheme, setting a monthly minimum payment of

By Habibu Yusuf Babura

President Bola Ahmed Tinubu has launched a Guaranteed Minimum Pension Scheme, setting a monthly minimum payment of N52,500 for 173,209 retirees under Nigeria’s Contributory Pension Scheme (CPS).

The initiative is aimed at strengthening retirement security and ensuring that pensioners receive a minimum level of income regardless of their previous pension contributions.

Tinubu, who was represented by Senate President Godswill Akpabio, announced the commencement of the scheme on Tuesday, November 10, 2026, during the launch of the Presidential Pension Security Initiative.

The President said the scheme, to be administered by the National Pension Commission (PenCom), would prevent eligible retirees from receiving pensions below the guaranteed minimum.

He described the initiative as a fulfilment of retirees' rights, stressing that the government was committed to protecting Nigerians who had contributed to the pension system during their working years.

Tinubu also highlighted other measures taken by his administration to improve pension payments, including a N32,000 monthly consequential adjustment for federal pensioners earning below the national minimum wage.

He disclosed that the Federal Government had settled outstanding pension obligations through a N758 billion bond and increased payments to retirees under the contributory pension system.

The President further said state governments had utilised increased revenues arising from federal reforms to address pension liabilities, with more than N1 trillion reportedly spent on settling outstanding pension arrears.

As part of efforts to improve retirees' welfare, Tinubu also unveiled PENCARE, a healthcare initiative funded by the pension industry to provide essential medical services free of charge to low-income retirees.

He said the programme would help pensioners access healthcare without depleting their retirement savings on medical expenses.

N400 BILLION PROVIDED FOR MINIMUM PENSION GUARANTEE

Earlier, the Director-General of PenCom, Omolola Oloworaran, disclosed that more than N400 billion had been provided through the Pension Protection Fund to finance the Guaranteed Minimum Pension Scheme.

She explained that the N52,500 minimum monthly pension had been validated by an actuary and would be subject to periodic review.

According to her, 34 per cent of the beneficiaries retired from the Federal Public Service, 12 per cent from state governments, while 54 per cent came from the private sector.

Oloworaran added that more than 65 per cent of private-sector retirees currently receive pensions below the newly introduced minimum.

She noted that although the Guaranteed Minimum Pension was provided for under the 2004 Pension Reform Act, its implementation had remained outstanding for 22 years due to the absence of dedicated funding by successive administrations.

On the PENCARE initiative, the PenCom boss said the pension industry had committed more than N7 billion to the programme, with insurance premiums already paid for nearly 30,000 Nigerians.

She added that the commission was working to expand pension coverage to informal-sector workers, including market traders, artisans, farmers and commercial transport operators, through accredited pension agents.

According to her, the commission was also developing incentives to encourage millions of Nigerians outside the formal economy to participate in the contributory pension system.