Tinubu broadcasts N52,500 minimal month-to-month pension for Nigerian retirees beneath CPS

Amid widespread complaints about insufficient pension funds to retirees within the face of rising dwelling prices in Nigeria, President Bola Ahmed Tinubu has introduced a minimal pension assure of N52,500 month-to-month beneath the Contributory Pension Scheme, CPS.

Tinubu, through the unveiling of the scheme beneath the National Pension Commission, PenCom, stated the initiative would offer extra monetary assist for retirees in Nigeria.

“I hereby declare that the minimum pension guarantee scheme commences with effect from today,” he stated.

The President, who’s searching for re-election in 2027, additionally introduced a brand new healthcare pension scheme generally known as PenCare.

Tinubu stated his administration had been in a position to obtain two key social safety initiatives concurrently.

“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.

On her part, the Director-General of PenCom, Omolola Oloworaran, said the scheme would cost N400 billion under the Pension Protection Fund, with 173,309 Nigerians eligible to benefit.

According to Oloworaran, the pension scheme would be reviewed upwards.

DAILY POST reports that food inflation stood at 19.59 per cent in September 2026, while the rising cost of living has further eroded the purchasing power of pension payments for Nigerians.