President Bola Tinubu has pledged to improve retirement security for Nigerian workers through a ₦758 billion pension bond, implementation of the Minimum Pension Guarantee and the launch of a retiree healthcare programme, PenCare.
Tinubu made the pledge on Thursday at the inaugural National Pension Week Leadership Summit in Abuja, where he said no Nigerian who had served the country would be forgotten in retirement.
The President who was represented by the Secretary to the Government of the Federation, George Akume, at the summit held at Transcorp Hilton, Abuja, presented an address themed “Pensions for All: Building a Secure Future Together,” Tinubu described pensions as an obligation owed to workers rather than a privilege granted by the government.
“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,” he said.
Tinubu said his administration inherited outstanding pension obligations that had left some retirees waiting for years to receive their accrued rights.
He said the approval of the ₦758 billion Federal Government Pension Bond was intended to settle accrued pension rights and strengthen the Pension Protection Fund.
Akume, delivering the President’s address, described the bond as an effort to compensate retirees who had waited for their entitlements.
In another policy announcement, Tinubu said his administration would implement the Minimum Pension Guarantee provided for under the Pension Reform Act 2014, which he said had remained unimplemented since the law’s enactment more than 11 years ago.
“Since enactment, that promise has never been honoured. Under President Tinubu, it will be,” Akume said.
The President also announced PenCare, a national retiree wellbeing programme that will initially provide low-income retirees with access to essential healthcare.
He said the programme marked a shift towards a pension system that supports retiree’s broader welfare rather than focusing solely on accumulated savings.
Tinubu described a strong pension system as an important social protection measure and a pillar of economic transformation under his Renewed Hope Agenda.
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He said pension funds could support domestic investment, deepen financial markets and contribute to productive economic activities, provided that retiree’s interests remained protected.
The President urged the National Pension Commission to enforce pension laws fairly and consistently. He also called on public and private employers to remit pension contributions fully and promptly.
“To deduct a worker’s contribution and fail to remit it is not an administrative lapse. It is a breach of trust,” he said.
Tinubu further challenged Pension Fund Administrators and custodians to improve their expertise, diversify investments responsibly and reduce costs, stressing that their performance should be measured by the benefits contributors eventually receive.
He warned that retirement savings could lose value when investment growth failed to keep pace with inflation.
“Preservation without growth is a slow erosion. Retirement savings that fail to keep pace with inflation quietly betray the very people who saved them,” he said.
While encouraging pension fund investment in infrastructure and productive enterprises, Tinubu insisted that national development must not come at the expense of pensioners.
He said every investment should undergo rigorous risk-and-return assessments and serve the best interests of contributors.
The President also called for expanded pension coverage beyond the formal sector, urging the government to create accessible pathways for traders, artisans, farmers, transport workers and self-employed Nigerians to save for retirement through the Personal Pension Plan and other distribution channels.
He urged state governments, organised labour and other stakeholders to work towards increasing enrolment, speeding up benefit payments, improving investment performance and strengthening disclosure.
Tinubu said the summit should produce measurable commitments rather than end with speeches.
“The true measure of our success will not be how much money the system holds. It will be how much security, and how much dignity, it delivers,” he said.
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