President Bola Tinubu has announced plans to implement the Minimum Pension Guarantee under the Pension Reform Act 2014 for the first time, promising improved retirement security for Nigerian workers.
Tinubu announced on Thursday at the inaugural National Pension Week Leadership Summit in Abuja. He was represented by the Secretary to the Government of the Federation, Senator George Akume.
Speaking on the theme, “Pensions for All: Building a Secure Future Together,” the President described pensions as earned wages deferred for retirement, not a favour from government.
He said his administration had approved a N758 billion Federal Government Pension Bond to settle outstanding accrued pension rights and strengthen the Pension Protection Fund.
Tinubu also announced the launch of PenCare, a national retiree wellbeing programme that will initially provide low-income retirees with access to essential healthcare.
He said the initiatives were designed to strengthen social protection and ensure that Nigerians who served the country would not be abandoned in retirement.
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The President urged the National Pension Commission (PenCom) to enforce pension regulations fairly and called on public and private employers to remit workers’ pension contributions promptly.
He warned that deducting contributions without remitting them constituted a breach of trust.
Tinubu also challenged Pension Fund Administrators and Custodians to improve investment performance, manage risks responsibly and protect contributors’ savings against inflation.
He stressed that pension funds could support infrastructure and productive investments, provided pensioners’ interests remained paramount.
The President further called for expanded pension coverage for traders, artisans, farmers, transport workers and self-employed Nigerians through the Personal Pension Plan and other accessible channels.
He urged state governments, organised labour and industry stakeholders to strengthen compliance and expand coverage, insisting that the success of the pension system should be measured by the security and dignity it delivers to retirees.
