President Tinubu Approves Billions to Clear 20-Year Pension Backlog

President Bola Ahmed Tinubu approved funding to clear a pension backlog accumulated over nearly 20 years to restore security and dignity to retirees. While the National Pension Commission cited an approval of nearly N1 trillion, other reports specify the approval of a N758 billion Federal Government Pension Bond intended to settle accrued rights and strengthen the Pension Protection Fund.

The administration is implementing the Minimum Pension Guarantee provision of the Pension Reform Act 2014 for the first time since its enactment 11 years ago. To address welfare gaps, the government launched PenCare, a national retiree wellbeing programme providing health insurance for low-income retirees, and applied a N32,000 consequential adjustment across the board.

President Tinubu characterized pensions as a "wage earned" rather than a government favor and directed the expansion of pension access to the informal sector, including artisans and farmers, through Personal Pension Plans. These announcements were made during the inaugural National Pension Week and Leadership Summit.