President Bola Tinubu has directed the expedited implementation of a free healthcare initiative for low-income retirees under the Contributory Pension Scheme (CPS), alongside the prompt implementation of pension increases and a minimum pension guarantee.
The directives followed a briefing by the Director-General (DG) of the National Pension Commission (PenCom), who updated the President on ongoing reforms aimed at improving retirees’ welfare and expanding access to the pension system.
Tinubu described the free healthcare initiative as a critical component of social protection, stressing the importance of ensuring that retirees can access healthcare and enjoy dignity after years of service.
The President also called for the swift implementation of long-overdue pension increases and a minimum pension guarantee to provide financial protection for vulnerable retirees under the contributory scheme.
In addition, Tinubu directed the PenCom DG to urgently address the longstanding police pension issue, noting that members of the Nigeria Police Force who serve and protect the country deserve to retire with dignity and peace of mind.
During the briefing, the DG also outlined efforts to preserve the value of pension fund assets amid inflation and other macroeconomic pressures that continue to affect the economy.
Another initiative discussed was the proposed introduction of foreign currency contributions, which would allow Nigerians living abroad to participate in the country’s pension system.
The President expressed support for the proposed reforms, reaffirming his administration’s commitment to inclusive growth and strengthening social protection for Nigerians.
The initiatives form part of broader efforts to improve pension administration, protect retirees’ financial security and expand the reach of the Contributory Pension Scheme.
However, details regarding the implementation timeline for the free healthcare initiative, the proposed pension increases and the minimum pension guarantee were not provided in the information released.
