Mark Aba, Abuja
President Bola Ahmed Tinubu has approved a ₦758 billion Federal Government Pension Bond to settle outstanding accrued pension rights and strengthen retirement security, while pledging to implement the Minimum Pension Guarantee and introduce healthcare support for low-income retirees.
The President also unveiled a national retiree welfare initiative, PenCare, designed to provide access to essential healthcare for vulnerable pensioners, reaffirming his administration’s commitment to protecting the dignity and welfare of Nigerians after retirement.
Tinubu made the commitments on Thursday at the inaugural National Pension Week Leadership Summit held at the Transcorp Hilton, Abuja, represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume.
Speaking on the theme, “Pensions for All: Building a Secure Future Together,” the President described pension payments as an obligation to workers who had dedicated their productive years to national service, rather than a privilege granted by the government.
“A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise. And this Administration has resolved that the promise will be kept,” he said.
He said the ₦758 billion pension bond was intended to address longstanding delays in the payment of accrued pension rights and reinforce the financial protection available to retirees.
Delivering the President’s address, Akume said the approval reflected the government’s determination to address the challenges faced by pensioners who had waited for extended periods to receive their entitlements.
“That was not an accounting exercise. It was an act of restitution to Nigerians who served their country and were made to wait for what they had earned,” the President said.
President Tinubu also pledged to implement the Minimum Pension Guarantee provided for under the Pension Reform Act 2014, noting that the provision had remained unfulfilled for more than 11 years.
“Since enactment, that promise has never been honoured. Under President Tinubu, it will be,” Akume declared while conveying the President’s commitment to strengthening retirement protection.
Under the proposed PenCare programme, the government plans to provide essential healthcare support to low-income pensioners, broadening the scope of pension protection beyond savings and regular benefit payments.
Tinubu said a sustainable pension system was critical to social protection and economic transformation, the long-term pension savings could deepen financial markets, support productive investments and contribute to national development.
He charged the National Pension Commission (PenCom) to enforce pension regulations consistently and without favouritism, while directing employers in both the public and private sectors to ensure the timely and complete remittance of workers’ pension contributions.
“To deduct a worker’s contribution and fail to remit it is not an administrative lapse. It is a breach of trust,” warning that employers must be held accountable for meeting their pension obligations.
The President also urged Pension Fund Administrators and custodians to diversify investments responsibly, reduce management costs and improve returns in ways that would protect contributors’ savings against inflation.
“Preservation without growth is a slow erosion. Retirement savings that fail to keep pace with inflation quietly betray the very people who saved them,” he cautioned.
On expanding pension coverage, Tinubu called for greater inclusion of traders, artisans, farmers, transport workers and self-employed Nigerians through the Personal Pension Plan and other available channels.
He said the success of the reforms would be measured by tangible improvements in pension enrolment, timely benefit payments and the overall welfare of retirees.
“Pensions for all must mean exactly that,” the President said, stressing that, “the ultimate objective of the reforms was to guarantee security and dignity for pensioners.”
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