President Bola Ahmed Tinubu has approved the immediate implementation of a pension increase and a guaranteed minimum pension for retirees under the Contributory Pension Scheme (CPS), in a bold move to strengthen social protection for vulnerable pensioners.
In addition to the pension adjustment, the President has ordered the swift rollout of free healthcare services for low-income retirees enrolled in the CPS. The directives, announced last Wednesday in a statement by Presidential Spokesperson Bayo Onanuga, are aimed at enhancing the quality of life and dignity of Nigerian retirees.
The directives followed a detailed briefing from the Director-General of the National Pension Commission (PenCom), Ms. Omolola Oloworaran, who informed the President of ongoing efforts to safeguard pension fund assets against inflation and economic volatility.
President Tinubu also emphasized the urgent need to resolve the longstanding pension issues affecting police personnel, directing the PenCom leadership to ensure that officers who served the nation retire with dignity and financial security.
In her briefing, the PenCom Director-General outlined several reform initiatives, including plans to permit foreign currency contributions from Nigerians in the diaspora—an effort to broaden participation in the national pension system.
The President reaffirmed his administration’s commitment to pension reform and inclusive economic growth, pledging continued support for policies that prioritize the welfare of ordinary Nigerians.
“These initiatives reflect our dedication to improving the lives of our senior citizens,” President Tinubu stated, while urging swift action to translate the reforms into tangible benefits.
