President Bola Ahmed Tinubu has instituted a minimum monthly pension guarantee of N52,500 under the Contributory Pension Scheme (CPS), addressing ongoing grievances from retirees over inadequate payouts amid rising living costs in Nigeria.
Speaking at the launch hosted by the National Pension Commission (PenCom), President Tinubu stated that the initiative would enhance financial support for Nigerian pensioners.
“I hereby declare that the minimum pension guarantee scheme commences with effect from today,” he said.
The President, who is seeking reelection in 2027, also introduced PenCare, a new healthcare program tailored for retirees.
Highlighting the dual launches, Tinubu affirmed that his administration had successfully delivered two major social security interventions at once.
“For the first time in our dear history, the Nigerian retiree holds two things at once: an income that cannot fall below the floor, and a card that opens the door of a hospital. That is social security,” he stated.
According to National Pension Commission (PenCom) Director-General Omolola Oloworaran, approximately 173,309 Nigerians will be eligible for benefits under the newly structured Pension Protection Fund, which carries a N400 billion cost valuation.
Oloworaran noted that periodic upward reviews of the pension scheme would be conducted to ensure its sustainability and relevance.
Reporting by Daily Post highlighted that headline food inflation stood at 19.59 percent in September 2026, severely eroding the real purchasing power of Nigerian pensioners’ monthly payouts amid mounting cost-of-living pressures.
Backstory…
The announcement comes as the Federal Government is also rolling out a separate N50,000 monthly cash support programme for vulnerable Nigerians under the National Emergency Relief and Stabilisation Intervention (NERSI).
Launched on October 30, 2026, the initiative is designed to cushion the impact of rising living costs by providing direct financial assistance to millions of eligible low-income households.
However, unlike the pension guarantee, which targets 173,209 qualified retirees under the Contributory Pension Scheme, the N50,000 intervention focuses on vulnerable households selected through the National Social Register and verified identity records.
Read Also: FG to Launch N50,000 Monthly Cash Support for Vulnerable Nigerians
