President Bola Tinubu has ordered the swift rollout of a free healthcare initiative for low-income retirees under the Contributory Pension Scheme (CPS), describing it as a vital step toward ensuring dignity and social protection in retirement.
In addition, the President directed the immediate implementation of long-overdue pension increases and the introduction of a minimum pension guarantee to provide a safety net for the most vulnerable retirees within the scheme.
These directives came following a briefing by the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, at the State House.
Tinubu also instructed PenCom leadership to urgently resolve longstanding issues related to police pensions, emphasizing that officers who dedicate their lives to safeguarding the nation must be assured of a dignified and secure retirement.
During the session, Oloworaran also briefed the president on ongoing efforts to preserve the value of pension fund assets amid inflation and macroeconomic pressures.
PenCom DG provided updates on a wide range of transformative initiatives aimed at improving retiree welfare and expanding the reach of the pension scheme across the country.
She also outlined upcoming reforms, including provisions for foreign currency-denominated contributions, which would enable Nigerians in the diaspora to participate in the national pension system.
In response to these proposals, Tinubu endorsed the reforms, reiterating his administration’s commitment to inclusive economic growth and protection for all Nigerians, especially those in vulnerable groups.
