President Bola Tinubu announced the launch of the Minimum Pension Guarantee (MPG) in a move aimed at securing a basic standard of living for retirees in Nigeria.
Under the new scheme, the government has set the minimum monthly pension at ₦52,500 for eligible retirees who are part of the Contributory Pension Scheme.
The MPG is intended to provide a financial safety net for those who have contributed to the pension system, ensuring that they receive a guaranteed minimum amount each month.
Details on how the guarantee will be administered and the eligibility criteria for retirees have not yet been released by the relevant authorities.
Observers say the initiative could help address concerns about pension adequacy, but they also note that further information will be needed to assess its long‑term impact on Nigeria’s pension landscape.
<small>Source: AllAfrica Nigeria — read the original story there.</small>
