Amid widespread complaints about inadequate pension payments to retirees in the face of rising living costs in Nigeria, President Bola Ahmed Tinubu has announced a minimum pension guarantee of N52,500 monthly under the Contributory Pension Scheme, CPS.
Tinubu, during the unveiling of the scheme under the National Pension Commission, PenCom, said the initiative would provide additional financial support for retirees in Nigeria.
"I hereby declare that the minimum pension guarantee scheme commences with effect from today," he said.
The President, who is seeking re-election in 2027, also announced a new healthcare pension scheme known as PenCare.
Tinubu said his administration had been able to achieve two key social security initiatives simultaneously.
"For the first time in our dear history, the Nigerian retiree holds two things at once: an income that cannot fall below the floor, and a card that opens the door of a hospital. That is social security,” he stated.
On her part, the Director-General of PenCom, Omolola Oloworaran, said the scheme would cost N400 billion under the Pension Protection Fund, with 173,309 Nigerians eligible to benefit.
According to Oloworaran, the pension scheme would be reviewed upwards.
DAILY POST reports that food inflation stood at 19.59 per cent in September 2026, while the rising cost of living has further eroded the purchasing power of pension payments for Nigerians.
Tinubu announces N52,500 minimum monthly pension for Nigerian retirees under CPS