President Bola Tinubu has directed the quick implementation of a free healthcare program for low-income seniors under the Contributory Pension Scheme, or CPS, saying the action is necessary to guarantee social safety and dignity in retirement.
He also oversaw the creation of a minimum pension guarantee and the timely delivery of long-overdue pension increases, which would act as a safety net for the CPS’s most vulnerable retirees.
The orders came after a briefing yesterday at State House in Abuja by Ms. Omolola Oloworaran, Director General of the National Pension Commission, PenCom.
Tinubu further emphasized that officers who have devoted their life to national security must be guaranteed a calm and honorable retirement, and he ordered PenCom leadership to immediately address the outstanding problems with police pensions.
The President was also updated by Ms. Oloworaran on initiatives to maintain pension fund assets’ value in the face of macroeconomic headwinds and inflation.
She described future reforms that will enable Nigerians living abroad to contribute to the national pension system, including provisions for payments denominated in foreign currencies.
According to a statement released by his spokesperson, Bayo Onanuga, President Tinubu approved the revisions and reaffirmed his administration’s commitment to inclusive economic growth and protection for all Nigerians, particularly those classified as vulnerable.
