President Bola Ahmed Tinubu
President Bola Tinubu has directed the immediate rollout of free healthcare services for low-income retirees under the Contributory Pension Scheme (CPS), describing the initiative as essential to upholding dignity and social protection in retirement. This move is expected to benefit over 500,000 low-income retirees initially, providing them with much-needed healthcare access. The President’s directive also includes the prompt implementation of long-overdue pension increases and the establishment of a minimum pension guarantee. This safety net will protect the most vulnerable pensioners enrolled in the CPS from poverty and financial hardship.
With Nigeria’s inflation rate at 33.4% in Q2 2025, retirees on fixed incomes are especially vulnerable, making this initiative crucial for their well-being. The National Pension Commission (PenCom) will oversee the implementation of these directives, working to preserve pension fund assets and exploring foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system.
The PenCom Director General, Omolola Oloworaran, will work closely with relevant stakeholders to ensure the successful implementation of these initiatives. President Tinubu’s administration has reaffirmed its commitment to inclusive growth and social protection for ordinary Nigerians, particularly those most vulnerable. The rollout of free healthcare services and pension increases is expected to have a significant impact on the lives of low-income retirees. By providing a safety net and ensuring dignity in retirement, the government aims to improve the well-being of its citizens.
