In a swift response to growing demonstrations by retirees across the country, President Bola Tinubu has directed the National Pension Commission (PenCom) to implement a series of long-overdue pension reforms.
The demonstrations, largely driven by pensioners under the Contributory Pension Scheme (CPS), have erupted in major cities including the Federal Capital Territory, Abuja, as calls for improved post-retirement benefits intensified.
Amid mounting pressure, President Tinubu met with PenCom’s Director General, Ms. Omolola Oloworaran, and subsequently issued fresh directives aimed at addressing retirees’ concerns. Central to his mandate was the immediate implementation of pension increases and the establishment of a minimum pension guarantee, targeting the most vulnerable among CPS retirees.
The President also ordered PenCom to fast-track the rollout of free healthcare access for retirees with low income. Describing the healthcare plan as “a critical component of social protection and dignity in retirement,” Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, stressed the administration’s dedication to enhancing the well-being of elderly citizens.
“The prompt implementation of long-overdue pension increases and a minimum pension guarantee would provide a safety net for the most vulnerable pensioners under the CPS,” Onanuga stated.
In addition to welfare concerns, President Tinubu instructed PenCom to urgently resolve the lingering police pension crisis, affirming that law enforcement officers deserve a dignified retirement after serving the nation.
Ms. Oloworaran, in her briefing, informed the President of the commission’s broader initiatives, including efforts to preserve pension fund value amid inflation and proposals to allow Nigerians in the diaspora to contribute to the pension scheme through foreign currency deposits.
The President reportedly expressed his full support for these reforms, reaffirming his administration’s commitment to inclusive economic policies and greater protection for the average Nigerian.
okay.ng reports that the President’s proactive intervention marks a pivotal moment in addressing long-standing grievances in Nigeria’s pension system, particularly for retirees under the CPS framework.
