Tony Elumelu backs Tinubu’s N52,500 minimum pension for retirees

Chairman of Heirs Holdings and Transcorp Tony Elumelu has backed President Bola Tinubu’s introduction of a N52,500 minimum monthly pension and a free healthcare programme for low-income retirees under the Contributory Pension Scheme.

Mr Elumelu described the National Minimum Pension Guarantee and the PenCare Retiree Healthcare Initiative as investments in human dignity, saying they addressed two major concerns of retirees: access to healthcare and security of income.

He spoke at the Presidential Pension Security Initiatives Launch, where the two programmes were unveiled.

He commended the pension industry for funding PenCare, describing its contribution as a demonstration of what institutions could achieve when they put people first.

Elumelu added that the private sector was ready to support policies and partnerships that strengthen institutions.

The minimum pension guarantee, which takes effect immediately, will raise the monthly payments of 173,209 retirees currently receiving less than N52,500 to the new threshold, according to the Director-General of the National Pension Commission Omolola Oloworaran.

Some of the affected retirees had been receiving slightly above N20,000 monthly.

The guarantee will be funded through the N400bn Pension Protection Fund, which has received contributions from the Federal Government and the pension industry. State governments must also contribute before their retirees can benefit.

Mrs Oloworaran said the N52,500 threshold had been validated by an actuary and would be reviewed when necessary.

She added that the provision had been in the pension law since 2004 but had not been implemented because of funding challenges.

Tinubu also launched PenCare, a free healthcare programme for low-income retirees funded by the pension industry.

Oloworaran said more than N7bn had been raised for the programme, with health insurance premiums paid for almost 30,000 retirees.

Between 25,000 and 30,000 healthcare access cards were issued during the pilot phase. Retirees who have yet to receive their cards can request them from their pension fund administrators.

Elumelu said economic growth should translate into improved living conditions for Nigerians, in line with his Africapitalism philosophy.

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