President Bola Tinubu unveils a ₦52,500 monthly minimum pension guarantee for eligible Nigerian retirees under the Contributory Pension Scheme (CPS). The announcement is tied to complaints about low pension payments amid rising living costs, and it is presented as coming after a long gap in implementing pension-law provisions.
Multiple outlets report the launch is meant to cover 173,209 retirees and to apply immediately for qualifying beneficiaries. Nigerian Eye and Vanguard add that the measure ends a 22-year delay in implementing a provision of the Pension Reform Act, and they describe the guarantee as a statutory right rather than government charity. They also say the figure is administered by PenCom and linked to actuarial validation and periodic review.
Vanguard and Nigerian Eye further state Tinubu also inaugurates PenCare, a pension industry-funded healthcare plan for low-income retirees, offering free access to essential medical services. Other outlets focus more narrowly on the pension floor and the scale of the affected group.
