President Bola Tinubu has directed the immediate rollout of a free healthcare access initiative for low-income retirees under Nigeria’s Contributory Pension Scheme, a move aimed at improving the quality of life for vulnerable pensioners across the country.
The directive was issued following a comprehensive briefing he received from the Director General of the National Pension Commission Ms. Omolola Oloworaran, at the Presidential Villa on Tuesday.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, confirmed the President’s directives in a statement released Tuesday. He noted that the President remains committed to delivering inclusive reforms that protect the rights and welfare of all Nigerians, particularly senior citizens
Describing access to healthcare in retirement as a matter of dignity and social protection, the President emphasised the urgency of implementing this critical welfare initiative.
He noted that ensuring retired Nigerians, especially those with low income, can access free medical care is a “non-negotiable step” in the nation’s social security efforts.
In addition to the healthcare scheme, President Tinubu ordered the prompt implementation of a long-awaited pension increase and the introduction of a Minimum Pension Guarantee, MPG.
The MPG is expected to serve as a safety net for the most economically vulnerable retirees under the CPS, ensuring that no pensioner falls below a basic standard of living.
“These measures are essential for protecting the dignity of our retirees and fulfilling the social contract with Nigerians who have served the country faithfully,” the President was quoted as saying.
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Another major highlight of the briefing was the lingering pension issue affecting the Nigeria Police Force.
President Tinubu issued a firm directive to PenCom to urgently resolve the matter, stressing that the police, who dedicate their lives to ensuring national security, must be able to retire with peace of mind and financial security.
“Those who protect our nation deserve to be protected in retirement,” the President stated.
During her presentation, DG Oloworaran provided an overview of several transformative initiatives the commission is currently undertaking.
Among these is a push to preserve the value of pension fund assets amid macroeconomic challenges such as inflation and currency instability.
She assured the President that mechanisms are being put in place to safeguard contributors’ funds and ensure their purchasing power is not eroded over time.
One of the forward-looking initiatives presented to the President involves opening up the pension system to Nigerians in the diaspora.
According to PenCom, a new foreign currency contribution scheme is being developed that will allow Nigerians living and working abroad to participate in the national pension framework.
The move is seen as a way to not only deepen the pension industry but also tap into diaspora wealth and provide overseas Nigerians with structured retirement plans.
President Tinubu welcomed the proposal, describing it as “a smart innovation” that aligns with his administration’s broader economic inclusion agenda.
He commended the Commission for its commitment to reforms and reiterated his administration’s support for initiatives that promote fairness, inclusiveness, and long-term financial security for all Nigerians.
The President’s latest directives reflect a broader push by the Federal Government to make Nigeria’s pension system more humane and responsive to the needs of its citizens, especially those on the lower end of the income spectrum.
With over nine million contributors currently enrolled in the Contributory Pension Scheme and pension assets exceeding ₦17 trillion, PenCom plays a pivotal role in Nigeria’s financial architecture.
As the commission gears up to implement the President’s instructions, stakeholders in the pension industry have praised the administration’s renewed focus on retiree welfare.
The healthcare rollout, pension adjustment, and plans to secure better retirement outcomes for police officers are expected to be prioritised in PenCom’s upcoming strategic actions.
Crediblenewsng.com
