President Bola Tinubu has launched a Minimum Pension Guarantee Scheme that will ensure 173,209 eligible retirees under the Contributory Pension Scheme receive at least ₦52,500 monthly.

The initiative, unveiled on Tuesday at the Presidential Pension Security Initiatives ceremony in Abuja, is designed to improve retirement security and provide financial relief for pensioners receiving low monthly payments.

Tinubu, who was represented by Senate President Godswill Akpabio, said the scheme fulfilled a provision of the Pension Reform Act of 2004, which had remained unimplemented for 22 years due to inadequate funding.

He declared the scheme operational, stressing that no eligible contributor under the Contributory Pension Scheme should receive below the guaranteed minimum.

The President also inaugurated the Pension Industry Healthcare Plan for Retirees, known as PenCare, to provide free access to essential healthcare services for low-income pensioners.

He explained that the healthcare initiative would protect vulnerable retirees from spending their limited pension income on medical expenses.

Earlier, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, disclosed that more than ₦400 billion had been provided under the Pension Protection Fund to finance the minimum pension guarantee.

She said the 173,209 beneficiaries comprised 34 per cent of retirees from the Federal Government, 12 per cent from state governments and 54 per cent from the private sector.

Oloworaran explained that the ₦52,500 minimum pension was determined through actuarial assessment and would be subject to periodic review.

She added that more than 65 per cent of private-sector retirees currently receive pensions below the approved threshold.

On PenCare, the PenCom Director-General disclosed that the pension industry had committed more than ₦7 billion to the healthcare programme, with insurance premiums already paid for nearly 30,000 retirees.

She also revealed that more than ₦1.07 trillion had been paid towards inherited state pension liabilities exceeding ₦2 trillion.

Oloworaran further announced plans to expand pension coverage to informal-sector workers, including traders, artisans, farmers and commercial transport operators.

The initiative is expected to strengthen retirement security, improve access to healthcare and provide additional protection for vulnerable Nigerian pensioners.