President Tinubu Launches Minimum Pension Guarantee and Healthcare Scheme for Nigerian Retirees
President Bola Tinubu has introduced a minimum pension guarantee and a healthcare scheme for low-income retirees in Nigeria, challenging citizens to evaluate his administration based on these reforms rather than political promises. The initiatives, unveiled at the Presidential Pension Security Initiatives launch in Abuja, aim to address long-standing issues of inadequate retirement income and limited healthcare access for pensioners. The Minimum Pension Guarantee Scheme will provide a financial safety net for eligible retirees under the Contributory Pension Scheme (CPS), overseen by the National Pension Commission (PenCom). PenCare, funded by the pension industry with over N7 billion, will offer essential medical services free of charge to eligible low-income retirees. The minimum pension guarantee has been set at N52,500 monthly, benefiting an estimated 173,209 retirees, with N400 billion allocated to the Pension Protection Fund.