President Bola Tinubu says the newly inaugurated Minimum Pension Guarantee Scheme and PenCare initiative will strengthen retirement security and improve access to healthcare for Nigerian pensioners.
Tinubu spoke on Tuesday at the inauguration of the Presidential Pension Security Initiatives at the State House, Abuja.
The initiatives, themed “Securing Every Nigerian’s Future”, are designed to strengthen retirement security and improve the welfare of vulnerable pensioners.
Represented by Senate President Godswill Akpabio, Tinubu described the inauguration as the fulfilment of provisions in the Pension Reform Acts of 2004 and 2014.
He said the provisions, which established a framework for guaranteed minimum pensions, had remained unimplemented for 22 years.
The President said the Minimum Pension Guarantee Scheme would ensure that contributors under the Contributory Pension Scheme (CPS) received a guaranteed minimum pension.
He also unveiled PenCare, a pension industry-funded initiative designed to provide essential healthcare services to low-income retirees at no cost.
He said the initiative would improve retirees’ access to healthcare while reducing the financial burden of medical expenses.
Tinubu said the administration had issued a N758 billion bond to settle outstanding pension liabilities.
He added that the government had approved a N32,000 monthly consequential adjustment for federal pensioners earning below the national minimum wage.
The President also highlighted pension enhancements under the CPS, describing them as the first of their kind in Nigeria.
He commended state governors for using increased revenues to address pension liabilities, noting that more than N1 trillion had been spent on pension arrears.
Tinubu urged future administrations to sustain the Minimum Pension Guarantee Scheme, stressing that it must remain part of the country’s commitment to workers.
He said PenCare health access cards would be distributed to pensioners and beneficiaries in the coming months.
The President linked the pension initiatives to his administration’s broader economic programme, including the removal of petrol subsidies and the unification of foreign exchange rates.
He said resources previously spent on subsidies were now available to states for infrastructure, education, healthcare and pension liabilities.
Citing a World Bank report published in October, Tinubu said state revenues rose by about 93 per cent in real terms between 2023 and 2025, while the share of state budgets allocated to capital projects increased from 46 per cent to 61 per cent.
Earlier, some retirees, including Sunday Enogele, Mary Asaba and Monday Ebhohimen, who testified to receiving increased pensions under the new scheme, commended Tinubu and the management of the National Pension Commission (PenCom) for the initiative.
The event featured the presentation of the PenCare health access card and the unveiling of the Minimum Pension Guarantee Scheme.
