President Tinubu Orders Pension Increase and Free Healthcare for Low-Income Retirees
President Bola Tinubu has given the green light for the long-awaited pension increase and the rollout of free healthcare for low-income retirees under Nigeria’s Contributory Pension Scheme (CPS). This directive was issued following a briefing by the Director General of the National Pension Commission (PenCom), Omolola Oloworaran.
The President has approved an average pension increase of ₦32,000, with a minimum pension guarantee to ensure that the most vulnerable pensioners are supported amid rising living costs. Tinubu emphasized the urgent need to take immediate action to relieve financial pressure on retirees, acknowledging their struggles in the face of inflation.
In addition to the pension increase, the President has directed PenCom to urgently address the long-standing police pension issue, ensuring that those who served the country in uniform can retire with dignity and peace of mind.
PenCom’s Director General also provided updates on efforts to protect pension assets from inflation and economic instability. Furthermore, a new initiative was introduced, allowing Nigerians in the diaspora to contribute to the pension scheme using foreign currency.
President Tinubu welcomed these reforms, reaffirming his administration’s commitment to supporting inclusive welfare policies, particularly for the elderly and vulnerable members of society.
