Tinubu Launches N758B Pension Bond and PenCare Program

At the inaugural National Pension Week Leadership Summit in Abuja, President Tinubu, represented by Secretary to the Government of the Federation Senator George Akume, assured Nigerian retirees of dignity and security. He reaffirmed his administration's commitment to addressing outstanding pension obligations through a N758 billion pension bond.

President Tinubu stated that he inherited long-deferred pension obligations, with retirees waiting years for their rights. To rectify this, he approved the pension bond to settle accrued rights and strengthen the Pension Protection Fund.

In a significant policy shift, he announced the implementation of the Minimum Pension Guarantee provision of the Pension Reform Act 2014, which had not been enacted for over 11 years. Additionally, he launched PenCare, a program aimed at providing low-income retirees with essential healthcare.

The President emphasized that a robust pension system is crucial for social protection and economic transformation, urging stakeholders to ensure timely contributions and responsible management of pension assets.