President Bola Tinubu has launched the Minimum Pension Guarantee Scheme, ending a 22-year delay in implementing the provision of the Pension Reform Act.
Represented by Senate President Godswill Akpabio at the State House Banquet Hall in Abuja, Tinubu declared the scheme commenced and said from this day there is a floor beneath the Nigerian retiree, and no one who contributed under the Contributory Pension Scheme will ever be allowed to fall below it.
The Director-General of the National Pension Commission, Omolola Oloworaran, announced that the guaranteed minimum pension has been fixed at N52,500 monthly for 173,209 eligible retirees, a figure she said was actuarially validated, subject to periodic review, and backed by over N400 billion in the Pension Protection Fund.
Tinubu also launched PenCare, the Pension Industry Healthcare Plan for Retirees, to give low-income pensioners access to free essential healthcare services, and announced a N758 billion bond to clear outstanding pension arrears.
Challenging Nigerians ahead of the 2027 election, the President said they should judge his administration by its record on pension reform and the welfare of retired workers, not by political promises.
