President Bola Tinubu has pledged to implement the Minimum Pension Guarantee and introduce a healthcare programme for low-income retirees under a new initiative, PenCare.
The President also disclosed that the Federal Government had approved a N758 billion pension bond to settle accrued pension rights and strengthen the Pension Protection Fund.
The pledges were contained in a statement issued on Thursday by Yomi Odunuga, Special Adviser on Media and Publicity to the Secretary to the Government of the Federation, following the inaugural National Pension Week Leadership Summit in Abuja.
Tinubu, who was represented at the summit by the Secretary to the Government of the Federation, Senator George Akume, said his administration was committed to restoring dignity and financial security to retirees.
He announced plans to implement the Minimum Pension Guarantee provision of the Pension Reform Act 2014, which he said had remained unimplemented for more than 11 years.
The PenCare programme, he added, would initially provide essential healthcare access to low-income retirees.
The President urged the National Pension Commission to enforce pension laws and directed public and private employers to remit workers’ pension contributions promptly.
He also challenged Pension Fund Administrators and custodians to improve investment performance, reduce costs and ensure adequate returns on contributors’ savings.
Tinubu further called for expanded pension coverage among traders, artisans, farmers, transport workers and self-employed Nigerians through the Personal Pension Plan and other distribution channels.
He urged state governments, organised labour and other stakeholders to work towards increasing enrolment, speeding up benefit payments and improving transparency in pension administration.
At the summit, Akume received an award for Excellence in Pension Sector Leadership and Support in recognition of his contributions to pension development in Nigeria.
