President Bola Tinubu has launched a ₦52,500 monthly minimum pension guarantee for 173,209 eligible retirees under Nigeria’s Contributory Pension Scheme.
The initiative ends a 22-year delay in implementing the minimum pension provision under the Pension Reform Act.
Tinubu also launched the Pension Industry Healthcare Plan for Retirees, known as PenCare. The programme will provide free essential healthcare services to eligible low-income pensioners.
Senate President Godswill Akpabio represented Tinubu at the Presidential Pension Security Initiatives ceremony in Abuja on Tuesday, November 10, 2026.
Declaring the minimum pension guarantee operational, Tinubu said eligible contributors would no longer receive retirement benefits below the approved threshold.
“From this day, there is a floor beneath the Nigerian retiree. No one who contributed under the Contributory Pension Scheme will ever be allowed to fall below,” he said.
173,209 Retirees to Benefit From New Pension Guarantee
Director-General of the National Pension Commission, Omolola Oloworaran, announced the ₦52,500 monthly minimum pension.
She said 173,209 retirees had been identified as eligible beneficiaries across the public and private sectors.
The beneficiaries comprise 34 per cent from the federal public service, 12 per cent from state governments and 54 per cent from the private sector.
Oloworaran explained that the amount underwent actuarial validation and would be reviewed periodically.
She also disclosed that more than ₦400 billion was available in the Pension Protection Fund to finance the guarantee.
According to her, more than 65 per cent of private-sector retirees currently receive pensions below the new threshold.
22-Year Pension Provision Finally Implemented
The minimum pension guarantee was first provided for under the Pension Reform Act of 2004.
The provision was retained in the 2014 legislation but remained unimplemented under successive administrations.
Tinubu said his government had now provided the funding needed to activate the long-standing provision.
He urged future administrations to sustain the programme and improve the minimum amount when necessary.
“Raise it. But never remove the floor,” the President said.
PenCare to Provide Free Healthcare for Low-Income Retirees
Alongside the pension guarantee, Tinubu launched PenCare to reduce healthcare expenses among vulnerable retirees.
The programme will provide eligible low-income pensioners with access to essential medical services without charge.
Oloworaran said the pension industry had committed more than ₦7 billion to the healthcare initiative.
She added that insurance premiums had already been paid for nearly 30,000 Nigerians.
Beneficiaries are expected to receive healthcare access cards in the coming months.
The programme aims to prevent medical expenses from exhausting the limited retirement savings of vulnerable pensioners.
FG Discloses ₦758bn Pension Bond
Tinubu also disclosed that his administration had issued a ₦758 billion bond to address longstanding pension arrears.
He further said the government approved a ₦32,000 monthly consequential adjustment for affected federal pensioners.
According to the President, state governments had spent more than ₦1 trillion settling outstanding pension obligations.
He attributed their improved capacity partly to increased revenue following the removal of petrol subsidy.
Citing a World Bank report, Tinubu said state revenues increased by about 93 per cent in real terms between 2023 and 2025.
He added that the share of state budgets allocated to capital projects rose from 46 per cent to 61 per cent during the period.
Oloworaran also announced plans to extend pension coverage to more Nigerians working in the informal sector.
PenCom Plans to Expand Pension Coverage
The proposed expansion would target traders, artisans, farmers and commercial transport operators.
The commission plans to improve access through accredited pension agents and incentives that encourage regular contributions.
She said the broader objective was to extend retirement protection to workers who currently operate outside the formal pension system.
The initiatives introduce additional income and healthcare protection for eligible retirees. Their long-term impact will depend on sustained funding, effective administration and wider pension coverage.
