President Bola Tinubu has directed an accelerated rollout of free healthcare for low-income retirees under the Contributory Pension Scheme (CPS), describing the initiative as “a critical component of social protection and dignity in retirement.”
The President also directed the prompt implementation of long-overdue pension increases and a minimum pension guarantee to provide a safety net for the most vulnerable pensioners.
“I have directed that the free healthcare access initiative for low-income retirees under the Contributory Pension Scheme be expedited because it is a critical component of social protection and dignity in retirement,” President Tinubu said on Wednesday after receiving a briefing from Ms Omolola Oloworaran, Director General of the National Pension Commission (PenCom).
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He continued: “I have also called for the prompt implementation of long-overdue pension increases and a minimum pension guarantee, which would provide a safety net for the most vulnerable pensioners under the CPS.”
The President further mandated PenCom to urgently resolve the longstanding police pension issue. “Members of the police force who serve and protect the nation deserve to retire with dignity and peace of mind,” he said.
Ms Oloworaran briefed the President on ongoing efforts to ensure the value of pension fund assets is preserved despite inflation and macroeconomic pressures. She also outlined plans to introduce foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system.
According to her, “We have been working to ensure the value preservation of pension fund assets in the face of inflation and macroeconomic pressures, and we are introducing foreign currency contributions to allow Nigerians in the Diaspora to participate in the pension system.”
President Tinubu strongly endorsed the reforms, reaffirming his administration’s commitment to inclusive growth and greater protection for ordinary Nigerians.
“I strongly support these reforms,” he said. “This administration is committed to inclusive growth and protection for ordinary Nigerians.”
Ms Oloworaran further told the President on a suite of transformative pension initiatives aimed at enhancing retiree welfare and expanding the reach of the CPS.
