More than 170,000 Nigerian pensioners are expected to benefit from the Federal Government’s Minimum Pension Guarantee Scheme, which will ensure that eligible retirees receive at least ₦52,500 monthly.
President Bola Tinubu officially launched the scheme on Tuesday, 10 November 2026, in Abuja as part of the Presidential Pension Security Initiatives. Senate President Godswill Akpabio represented the President at the event.
The initiative is designed to protect retirees under the Contributory Pension Scheme (CPS) whose monthly pension payments fall below the guaranteed threshold.
Speaking at the launch, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, said the programme would initially target more than 170,000 pensioners across the public and private sectors.
She explained that every eligible retiree receiving less than ₦52,500 monthly would have their pension increased to the guaranteed minimum.
Oloworaran stressed that the scheme would not be restricted to former federal government employees, adding that workers from private organisations and other levels of government who meet the eligibility requirements would also benefit.
According to her, about 54 per cent of pensioners currently earning below the proposed threshold previously worked in the private sector. She added that more than 65 per cent of retired private-sector workers receive less than ₦52,500 monthly.
However, state governments must contribute to the Pension Protection Fund before their retirees can benefit from the programme. PenCom is also working on arrangements to ensure that states begin making the necessary contributions to sustain the initiative.
President Tinubu said the Minimum Pension Guarantee would take immediate effect under the administration of PenCom, in accordance with the Pension Reform Act.
He noted that the provision had existed in Nigeria’s pension legislation since 2004 but had not been implemented by previous administrations.
The President described the initiative as a legal entitlement for workers who contributed to the pension system, rather than a government favour.
He also highlighted the importance of protecting retirees from financial difficulties, particularly the rising cost of healthcare, which can quickly consume their retirement savings.
Alongside the minimum pension guarantee, the Federal Government introduced PenCare, a free health insurance initiative for low-income retirees aged 60 and above who receive monthly pensions of ₦150,000 or less.
Tinubu said the programme would provide eligible retirees with access to basic healthcare services, reducing the financial pressure associated with medical treatment in old age.
PenCom’s Director-General confirmed that PenCare had been rolled out, advising eligible pensioners who had not received their access cards to contact their respective Pension Fund Administrators (PFAs).
The President further warned employers against withholding or failing to remit workers’ pension contributions, describing the funds as the property and future security of employees.
He urged employers to fulfil their obligations under the pension system and encouraged younger workers to begin taking retirement savings seriously from the early stages of their careers.
The Minimum Pension Guarantee and PenCare initiatives form part of the Federal Government’s broader efforts to strengthen Nigeria’s pension system and improve the financial security and welfare of retired workers.
