President Tinubu Pledges Minimum Pension Guarantee and Healthcare Support for Retirees - Head Topics

President Bola Tinubu has pledged to implement the long-delayed Minimum Pension Guarantee and expand healthcare support for retirees through the PenCare programme, describing pension security as a national obligation. Speaking at the National Pension Conference and Awards, held at the Transcorp Hilton in Abuja as part of the maiden National Pension Week 2026, the president was represented by Secretary to the Government of the Federation George Akume. Tinubu said a pension "is not a favour granted by Government. It is a wage earned, deferred and held in trust." The Minimum Pension Guarantee is intended as a safety net for eligible retirees under the Contributory Pension Scheme whose retirement income is inadequate, though the minimum amount and implementation arrangements will depend on guidelines from the National Pension Commission (PenCom). PenCare, a healthcare support programme for low-income retirees, has begun rolling out with an initial phase targeting 30,000 retirees, funded jointly by PenCom and participating pension fund operators.

PenCom Director-General Omolola Oloworaran said pension assets had grown from N20.79 trillion in July 2024 to N31.8 trillion in August 2026, but that this growth had not translated into adequate retirement income for many contributors. She said more than 55 per cent of retirees whose pensions fall below the minimum wage come from the private sector, attributing the problem partly to employers calculating contributions on limited portions of earnings. She noted the statutory combined contribution of 18 per cent, comprising 10 per cent from employers and eight per cent from employees, and urged private employers to contribute to the Pension Protection Fund. Oloworaran also challenged fund administrators to generate returns above inflation and announced that the Pension Security Initiative, incorporating PenCare and the minimum guarantee, would be launched by the president on 10 November. She cited pension increases of 67 to 120 per cent for some federal retirees and over 1,000 per cent for certain Nigeria Social Insurance Trust Fund pensioners, and said an exit benefit scheme was being introduced for retirees from treasury-funded MDAs.

Tinubu warned pension fund administrators and custodians against exposing workers' savings to reckless investments, stating that "national development must never come at the expense of pensioners." He called for transparency, accountability and strict risk-management standards, and urged operators to strengthen investment expertise, diversify responsibly and reduce operating costs. He described deducting contributions without remitting them to Retirement Savings Accounts as a breach of trust, and called on employers, state governments and labour to expand coverage to self-employed Nigerians, including traders, artisans and farmers. He also referenced the N758 billion Federal Government Pension Bond, approved to settle outstanding accrued pension rights, and noted that the intervention had been used to clear inherited liabilities dating back to 2007, covering 957,045 beneficiaries according to PenCom's October announcement.

Separately, Jallo Mohammed, Chairman of the House of Representatives Committee on Pensions, said the National Assembly is reviewing the Pension Reform Act 2014 and related legislation, including proposed amendments on intelligence and military pensions ahead of public hearings. He also disclosed ongoing engagement with NNPC Pension Fund Limited over compliance with PenCom directives.