President Bola Tinubu said monthly retirement payments are an entitlement, not a concession from the government, as Nigeria seeks to strengthen pension coverage and compliance.
Speaking at the launch of PenCare in Abuja on Thursday, Tinubu said retirees had already earned their pensions through years of work. He was represented at the event by Secretary to the Government of the Federation George Akume.
Quick facts
- Tinubu said pensions are deferred earnings held in trust for retirees.
- The president said his administration is committed to honouring pension obligations.
- PenCom is seeking three million newly funded and active pension accounts.
- The target is for accounts with actual contributions, rather than registrations with zero balances.
“A pension is not a favour granted by Government,” Tinubu said. “It is a wage earned, deferred and held in trust. It is a promise, and this administration has decided that the promise must be honoured.”
National Pension Commission Director-General Omolola Oloworaran called for the opening of three million additional funded pension accounts. She stressed that the goal should not simply be new enrolments.
“Not registrations, but three million new active, funded accounts,” Oloworaran said. “An account without funds is merely a statistic, while a funded account represents a future and may mark the start of securing that future through planning.”
