President Bola Tinubu has launched a ₦52,500 monthly minimum pension guarantee for eligible retirees in Nigeria. The scheme was announced at an event in Abuja on November 10, 2026, as part of efforts to improve the welfare of pensioners.
The new policy is expected to benefit 173,209 retirees under the Contributory Pension Scheme (CPS). It also fulfils a provision of the Pension Reform Act that had remained unimplemented for 22 years.
The minimum pension guarantee is designed to support retirees who receive low monthly payments after years of working in the public and private sectors.
Under the new arrangement, eligible retirees whose monthly pensions fall below ₦52,500 will receive an increase to meet the guaranteed amount. The National Pension Commission (PenCom) will oversee the scheme.
Tinubu launches ₦52,500 minimum pension
PenCom Director-General Omolola Oloworaran said an actuary reviewed the amount, which may be adjusted when necessary.
The Tinubu launches ₦52,500 minimum pension announcement is expected to provide extra support to retirees facing rising living costs. PenCom also reported that state governments have paid ₦1.07 trillion in outstanding pension liabilities.
The state governments had inherited more than ₦2 trillion in outstanding pension obligations. The payments are expected to reduce the financial burden on retirees who have waited for their benefits.
The government has also introduced the Pension Industry Healthcare Plan, known as PenCare, to support low-income pensioners.
More than ₦7 billion has been committed by the pension industry to the healthcare programme. It is designed to provide eligible retirees with access to essential medical services without paying for them.
The initiative is expected to reduce the amount pensioners spend on healthcare and help them manage medical expenses during retirement. PenCom also disclosed that healthcare premiums had been paid for nearly 30,000 low-income retirees.
The National Pension Commission also plans to expand micro-pension coverage to self-employed Nigerians, traders, artisans, farmers and small business owners. The initiative aims to help more people save for retirement and secure their future. Its success will depend on proper funding and effective management.
Click here for more news
