As fallout of the series of protests in the various parts of the country including Abuja, staged by pensioners under the Contributory Pension Scheme, CPS, President Bola Tinubu has directed the National Pension Commission, PenCom, to implement pension increases and a minimum pension guarantee.

He also mandated PenCom to expedite rollout of the free healthcare access initiative for low-income retirees.

According to a statement signed by the Special Adviser to the President, Information and Strategy, Mr. Bayo Onanuga, the rollout of the free healthcare access is a critical component of social protection and dignity in retirement.

According to Onanuga, the prompt implementation of long-overdue pension increases and a minimum pension guarantee, would provide a safety net for the most vulnerable pensioners under the CPS.

The President gave the directives after receiving a briefing from Ms. Omolola Oloworaran, the Director General of PenCom.

President Tinubu further mandated the PenCom DG to urgently resolve the longstanding police pension issue, emphasising that members of the police force who serve and protect the nation deserve to retire with dignity and peace of mind.

The DG also briefed the President on ongoing efforts to ensure the value preservation of pension fund assets, especially in the face of inflation and macroeconomic pressures, as well as plans to introduce foreign currency contributions to enable Nigerians in the diaspora to participate in the pension system.

President Tinubu strongly supported the reforms, reaffirming his administration’s commitment to inclusive growth and protection for ordinary Nigerians.

During the briefing, the DG updated the President on a suite of transformative pension initiatives to enhance retiree welfare and expand the Pension Scheme’s reach.