Tinubu vows no Nigerian retiree will be forgotten, approves N758bn pension bond

President Bola Ahmed Tinubu has assured Nigerian retirees that no citizen who has served the country will be forgotten in retirement, declaring his administration’s commitment to restoring dignity, financial security and improved welfare to pensioners.
The President gave the assurance on Thursday at the inaugural National Pension Week Leadership Summit held at the Transcorp Hilton, Abuja.
He was represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume, who delivered his address themed, “Pensions for All: Building a Secure Future Together.”
Tinubu described pension as a national obligation rather than a privilege granted by government, stressing that workers deserve to receive their retirement benefits after years of dedicated service.
“A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise. And this Administration has resolved that the promise will be kept,” the President said.
He disclosed that his administration inherited outstanding pension liabilities, including accrued rights that had remained unpaid for years, leaving many retirees waiting for benefits earned through decades of public service.
To address the situation, Tinubu said he approved the N758 billion Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund.
Represented by Akume, the President described the intervention as an act of restitution to Nigerians whose retirement entitlements had been delayed.
“That was not an accounting exercise. It was an act of restitution to Nigerians who served their country and were made to wait for what they had earned,” he said.
In what he described as a significant policy commitment, Tinubu announced that his administration would implement the Minimum Pension Guarantee provision of the Pension Reform Act 2014, which he noted had remained unimplemented since the law was enacted more than 11 years ago.
“Since enactment, that promise has never been honoured. Under President Tinubu, it will be,” Akume declared.
The President also announced the introduction of PenCare, a national retiree wellbeing programme designed to provide access to essential healthcare services, beginning with low-income retirees.
According to him, the initiative represents a shift towards a pension system that goes beyond managing retirement savings to ensuring a minimum standard of dignity and welfare for pensioners.
Tinubu further described a sustainable pension system as both a social protection necessity and a strategic component of Nigeria’s economic transformation under the Renewed Hope Agenda.
He explained that pension funds could contribute to national development by mobilising long-term domestic savings, strengthening financial markets and supporting productive investments.
However, the President emphasised that government alone could not guarantee retirement security, calling on pension regulators, employers, fund administrators and other stakeholders to fulfil their respective responsibilities.
He charged the National Pension Commission (PenCom) to remain firm, fair and forward-looking in regulating the sector, while ensuring strict enforcement of pension laws without fear or favour.
Tinubu also warned public and private sector employers against delaying or withholding pension contributions, describing such practices as a breach of trust.
“To deduct a worker’s contribution and fail to remit it is not an administrative lapse. It is a breach of trust,” he stated.
The President urged Pension Fund Administrators and Pension Fund Custodians to strengthen their professional capacity, diversify investments responsibly, reduce management costs and prioritise the actual benefits contributors receive over the volume of assets under management.
He cautioned that retirement savings must generate returns capable of protecting contributors against inflation.
“Preservation without growth is a slow erosion. Retirement savings that fail to keep pace with inflation quietly betray the very people who saved them,” he said.
While encouraging the deployment of pension assets into infrastructure and productive enterprises to support national development, Tinubu maintained that the interests of contributors and pensioners must remain paramount.
He insisted that every pension investment must undergo rigorous risk and return assessments to ensure that retirement savings are protected.
On expanding pension coverage, the President called for a renewed drive to bring workers in the informal sector into the Contributory Pension Scheme.
He specifically identified traders, artisans, farmers, transport workers and self-employed Nigerians as groups requiring accessible pathways to retirement security through the Personal Pension Plan and innovative distribution channels.
“Pensions for All must mean exactly that: all,” he declared.
Tinubu also called on state governments, organised labour and other stakeholders to collaborate with the Federal Government in expanding pension coverage and improving compliance across the country.
He stressed that the National Pension Week Leadership Summit must produce concrete and measurable commitments rather than end with speeches.
According to him, such commitments should include increased pension enrolment, faster payment of retirement benefits, improved investment performance, transparent reporting and better welfare outcomes for retirees.
“The true measure of our success will not be how much money the system holds. It will be how much security, and how much dignity, it delivers,” the President said.
He reaffirmed his administration’s determination to protect the interests of Nigerian workers and retirees, declaring that the country must honour those who had dedicated their productive years to national service.
“Above all, no Nigerian who has served this nation will be forgotten in retirement. Nigeria will keep faith with those who kept faith with Nigeria,” he added.
Meanwhile, Akume was honoured with an Award of Excellence in Pension Sector Leadership and Support in recognition of his contributions to pension administration and development in the country. The award was presented during the inaugural National Pension Week Leadership Summit in Abuja.