Tinubu Approves N758bn Pension Bond and Launches PenCare Programme

President Bola Ahmed Tinubu has stated that no Nigerian who served the nation will be forgotten in retirement. His administration is working to restore dignity and security to the Contributory Pension Scheme.

The President made these remarks on Thursday at the inaugural National Pension Week Leadership Summit held at Transcorp Hilton in Abuja. He was represented by the Secretary to the Government of the Federation, Senator George Akume.

“A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise.”

Tinubu approved a N758bn Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund. The measure addresses outstanding obligations inherited by the administration, including cases where retirees waited years for their benefits.

The President also announced the implementation of the Minimum Pension Guarantee provision of the Pension Reform Act 2014. This provision had remained unimplemented for more than 11 years after the law was enacted.

Tinubu launched PenCare, a national retiree wellbeing programme. It will give low-income retirees access to essential healthcare, shifting the system from merely holding savings to guaranteeing a floor of dignity.

The administration described the bond as an act of restitution to Nigerians who served their country. Pension payments are viewed as a national obligation rather than a favour granted by government.