Tinubu Introduces ₦52,500 Minimum Monthly Pension for 173,209 Nigerian Retirees

President Bola Tinubu has unveiled a ₦52,500 monthly minimum pension guarantee for 173,209 eligible retirees under Nigeria’s Contributory Pension Scheme.

The initiative was announced on Tuesday, November 10, 2026, during the Presidential Pension Security Initiatives ceremony at the State House in Abuja. Senate President Godswill Akpabio represented the President at the event.

The programme is designed to protect eligible pensioners whose retirement savings are insufficient to provide the new minimum monthly benefit.

Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, explained that the beneficiaries comprise 34 per cent of retirees from the federal public service, 12 per cent from state governments and 54 per cent from the private sector.

She disclosed that more than ₦400 billion had been provided through the Pension Protection Fund to finance the initiative. The approved pension amount was validated by an actuary and will be reviewed periodically.

The President also launched the Pension Industry Healthcare Plan for Retirees, known as PenCare. The initiative is designed to provide free access to essential healthcare services for low-income pensioners.

PenCom further disclosed that the pension industry had committed more than ₦7 billion to the healthcare programme, with insurance premiums already paid for nearly 30,000 retirees.

The development represents a major step in implementing a minimum pension provision that had remained outstanding since the Pension Reform Act of 2004.

However, the guarantee applies to eligible retirees under the scheme, not automatically to every pensioner in Nigeria.

Source: Punch Newspapers, November 10, 2026.

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