Tinubu Says Monthly Pension Is Not a Favour to Nigerian Retirees

According to Daily Post Nigeria, published on October 29, 2026, President Bola Tinubu has reaffirmed his administration’s position that monthly pension payments are an obligation to retirees, not a favour granted by the government.

Tinubu made the statement during a pension-related event in Abuja on Thursday. He was represented by the Secretary to the Government of the Federation, George Akume.

According to the report, the president described pensions as earnings workers accumulate through their years of service and receive after retirement. He stressed that pension payments represent a commitment that should be honoured.

“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,” Tinubu said.

The statement highlights the importance of fulfilling pension obligations to Nigerians who have spent years working in the public and private sectors. For retirees, regular access to their entitlements can be essential to meeting everyday expenses and maintaining financial security after leaving active employment.

At the same event, the Director-General of the National Pension Commission, Omolola Oloworaran, called for the creation of three million additional funded and active pension accounts.

She stressed that the target should not focus solely on registering new contributors. Instead, the accounts must receive contributions to provide meaningful retirement savings.

Oloworaran explained that registering an account without funding it would not provide the financial protection workers need in retirement.

The proposed expansion is intended to increase participation in Nigeria’s pension system, including among people who work outside conventional salaried employment. Traders, artisans, farmers and other self-employed Nigerians are among the groups that could benefit from broader access to pension savings.

The target also highlights the importance of ensuring that pension accounts are actively funded rather than merely increasing registration figures.

Tinubu’s statement and PenCom’s target both draw attention to retirement security, including the responsibility to honour pension entitlements and the need to widen access to long-term savings.

However, the statement does not itself announce an increase in monthly pension payments. Retirees should therefore distinguish the administration’s stated commitment from any specific change to pension rates or payment schedules.