KEY POINTS
- Tinubu orders pension increase and minimum guarantee for retirees.
- Retirees with low incomes will be able to get free health care.
- Police pension reforms and diaspora contributions underway.
President Bola Tinubu has directed the National Pension Commission (PenCom) to immediately implement overdue pension increases and a minimum pension guarantee following protests by retirees under the Contributory Pension Scheme (CPS).
Demonstrations across Nigeria, including in Abuja, had drawn attention to the challenges faced by low-income pensioners.
President Tinubu gave the order as the economy worsened and retirees voiced concerns about outdated pension plans and inaccessible benefits.
Tinubu orders pension increase and healthcare rollout
According to presidential spokesman Bayo Onanuga, President Tinubu also ordered PenCom to fast-track the rollout of free healthcare for low-income retirees described as a “critical component of social protection and dignity in retirement.”
These interventions are expected to ease the burden on vulnerable pensioners while reinforcing public confidence in the pension system. Tinubu’s administration is positioning the move as a firm step toward inclusive economic growth.
Police pensions, diaspora funds also under review
During a briefing by PenCom DG Omolola Oloworaran, Tinubu also mandated urgent resolution of the police pension crisis, insisting that security officers “deserve to retire with dignity and peace of mind.”
Furthermore, Oloworaran also shared plans to safeguard pension fund value amid inflation and introduce a foreign currency pension channel to enable Nigerians in the diaspora to contribute to the system. President Bola Tinubu backed these reforms, aligning them with his broader goal of economic inclusion and better welfare outcomes for ordinary Nigerians.
