President Bola Tinubu has ordered the National Pension Commission (PenCom) to increase pensions and introduce a minimum pension guarantee for retirees under the Contributory Pension Scheme (CPS).
This decision comes after several protests by pensioners in different parts of the country, including the Federal Capital Territory, Abuja.
Many pensioners have complained about receiving very small amounts that can no longer meet their basic needs. In response, President Tinubu said it was important to act quickly to improve their living conditions. He also asked PenCom to begin free healthcare services for low-income retirees.
According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the free healthcare rollout is part of the government’s efforts to protect the dignity of older citizens. He said the President wants to make sure that people who have worked hard all their lives can retire in peace and comfort.
President Tinubu gave these instructions after a meeting with PenCom’s Director General, Ms. Omolola Oloworaran. She briefed the President on the current challenges faced by pensioners and shared some of the commission’s plans for the future.
During the meeting, Tinubu also asked PenCom to urgently solve the long-standing issue of police pensions. He said those who serve and protect the country must be able to retire with dignity and without worry.
The PenCom DG also explained efforts being made to protect the value of pension funds. She noted that inflation and the economy have affected how far retirees’ savings can go, and PenCom is working on solutions.
One of the new ideas shared was to allow Nigerians living abroad to contribute to the pension system in foreign currencies. This move is expected to expand the reach of the scheme and involve more citizens in the diaspora.
President Tinubu showed full support for all the reforms and said his administration remains committed to helping ordinary Nigerians, especially the elderly. He promised to continue pushing for policies that support growth, fairness, and social protection.
