President Bola Tinubu announced that his administration has ended a 22‑year wait for a minimum pension guarantee in Nigeria, introducing a monthly income floor of N52,500 for eligible retirees and adding healthcare support for low‑income pensioners.
The new pension scheme sets N52,500 as the baseline monthly payout for retirees who meet the eligibility criteria, ensuring that no qualified pensioner receives less than this amount. In addition, the reform provides a health‑care assistance component aimed specifically at pensioners with limited incomes.
Speaking at a press briefing, Tinubu urged Nigerians to evaluate his government by the substance of reforms such as the pension measure rather than by campaign promises, emphasizing the administration’s focus on delivering tangible benefits to citizens.
The pension guarantee has been pending for more than two decades, with previous attempts to establish a minimum payout stalling amid legislative and fiscal challenges. The latest reform seeks to address long‑standing gaps in retirement income security that have affected many of the country’s aging workers.
By establishing a guaranteed income floor and extending health‑care support, the government aims to improve the living standards of retirees, particularly those in low‑income brackets, and to reduce the financial strain associated with medical expenses in old age.
<small>Source: Premium Times Nigeria — read the original story there.</small>
