By Eshiorameh Sebastian in Abuja.
President Bola Tinubu has ordered an increase in pension payments and free healthcare for poorer retirees under Nigeria’s Contributory Pension Scheme, in an effort to ease hardship among the elderly.
The decision follows a meeting with the director general of the National Pension Commission, Omolola Oloworaran, at the presidential villa in Abuja on Tuesday.
Tinubu said the measures were necessary to protect vulnerable pensioners who had served the nation but now struggled with rising living costs.
Under the new plan, retirees on low incomes will receive free medical treatment while all pensioners will benefit from higher payments, including a guaranteed minimum pension level.
The president also instructed officials to resolve long-standing delays in police pension payments, saying officers who spent their careers protecting Nigerians deserved security in retirement.
Further reforms will allow Nigerians living abroad to pay into the pension system using foreign currency, potentially boosting remittances.
Ms Oloworaran told the president her commission was working to safeguard pension funds from inflation and expand coverage to more workers, including those in informal employment.
Trade unions and retiree groups welcomed the announcement, though some questioned how quickly the changes would take effect. The presidency said implementation would begin before the end of 2025.
The move comes as Africa’s largest economy continues to grapple with high inflation that has eroded incomes, particularly affecting pensioners on fixed payments. Analysts say the success of the reforms will depend on efficient execution and sustained funding.
A spokesman said the measures reflected Tinubu’s commitment to “inclusive growth and dignity for all Nigerians, especially those who built our nation.”
Officials are expected to release further details on eligibility and timelines in the coming weeks.
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