Tinubu Launches N52,500 Monthly Pension Guarantee for Eligible Retirees

The Federal Government has launched a N52,500 monthly minimum pension guarantee for eligible retirees under the Contributory Pension Scheme.

The National Pension Commission says it has identified 173,209 retirees who qualify.

Senate President Godswill Akpabio represented President Bola Tinubu at the launch in Abuja on Tuesday.

PenCom Director-General Omolola Oloworaran said the guarantee was backed by more than N400 billion in the Pension Protection Fund, Voice of Nigeria reported from the launch.

Private-sector retirees account for 54 per cent of the identified beneficiaries while former federal employees make up 34 per cent. The remaining 12 per cent were state government retirees account, according to PenCom’s figures.

The government also launched PenCare, a programme designed to give low-income retirees access to essential healthcare.

Oloworaran said health insurance premiums had already been paid for nearly 30,000 retirees under that programme.

PenCom says the N52,500 pension floor is subject to review. The commission has announced the number of eligible retirees. The launch coverage did not specify when the first payments under the guarantee would reach them.