Tinubu launches N52,500 minimum monthly pension for retirees, unveils free healthcare scheme

President Tinubu has launched a N52,500 minimum monthly pension guarantee for eligible Nigerian retirees, alongside a healthcare initiative aimed at reducing medical expenses among vulnerable pensioners.

The initiatives were unveiled on Tuesday during the Presidential Pension Security Initiatives ceremony at the State House Banquet Hall in Abuja. Tinubu was represented at the event by Senate President Godswill Akpabio.

The minimum pension guarantee is expected to benefit 173,209 retirees enrolled under the Contributory Pension Scheme, providing additional financial support to those whose existing pension payments fall below the approved threshold.

Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, said the government had made available more than N400 billion through the Pension Protection Fund to finance the programme.

She explained that the beneficiaries comprise 34 per cent of federal government retirees, 12 per cent from state governments and 54 per cent from the private sector.

Oloworaran added that the N52,500 benchmark was established through actuarial assessment and would be reviewed periodically to maintain its relevance.

The initiative also addresses a provision of the Pension Reform Act introduced in 2004, which had remained unimplemented for 22 years because of funding challenges.

Beyond improving retirement income, the government introduced the Pension Industry Healthcare Plan for Retirees, known as PenCare, to provide free access to essential medical services for low-income pensioners.

More than N7 billion has reportedly been committed by the pension industry towards the healthcare programme, with insurance premiums already covered for nearly 30,000 retirees.

The initiative is expected to ease the financial pressure on elderly Nigerians who struggle to balance medical expenses with other basic needs.

The development seems to address outstanding pension obligations, with PenCom disclosing that more than N1.07 trillion had been paid towards inherited state pension liabilities exceeding N2 trillion.