The President of the Senate,Distinguished Senator Godswill Akpabio, GCON, on Tuesday represented President Bola Ahmed Tinubu, GCFR, at the Presidential Pension Security Initiative Launch in Abuja, marking a major milestone in the Federal Government’s efforts to overhaul retirement welfare in Nigeria.
During the ceremony, Senator Akpabio delivered the President’s keynote address, formally declaring the commencement of the Minimum Pension Guarantee (MPG) and unveiling PenCare, a new healthcare support initiative designed specifically for low-income retirees.
The rollout of the Minimum Pension Guarantee brings to fruition a key legislative provision that has remained unimplemented for more than two decades, having first been introduced under the Pension Reform Act of 2004 and subsequently retained in the 2014 Act.
Addressing stakeholders on behalf of President Tinubu, Senator Akpabio emphasized the administration’s resolve to protect the dignity of senior citizens, bolster retirement security and translate statutory provisions into tangible benefits for Nigerian workers.
Through the speech delivered by the Senate President, President Tinubu noted that while successive administrations had failed to operationalize the guarantee since 2004, the current government was committed to fulfilling its longstanding obligation to retired workers.
“By the authority vested in me as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I hereby declare the Minimum Pension Guarantee commenced, with effect from today, to be administered by the National Pension Commission under the Pension Reform Act,” Senator Akpabio read from the President’s address.
The message underscored that the policy establishes a permanent safety net for contributors under the Contributory Pension Scheme, ensuring no retiree falls below a baseline income. “Not because this government is generous. Because it is their right. And a serious country pays what it owes,” the address stated.
In addition to securing baseline pension payouts, the Senate President conveyed the administration’s launch of PenCare, a pension industry funded program aimed at providing eligible low income retirees with free access to essential medical services.
Highlighting how out of pocket medical costs routinely erode retirement savings and push elderly citizens into financial hardship, the President’s address noted: “A pension that cannot pay for medicine is not a pension. It is a receipt.”
The event also featured the presentation of the first PenCare Health Access Cards to pioneer beneficiaries, a dual pronged approach to social security that combines a guaranteed income floor with direct hospital access.
Delivering the administration’s stance on institutional accountability, Senator Akpabio relayed a firm warning from President Tinubu to employers across both the public and private sectors regarding the unremitted pension deductions of workers.
“Remit your workers’ contributions. Every naira you withhold is stolen from someone’s old age. It is not your money. It never was,” the President cautioned in the address, while also urging younger Nigerians to embrace early retirement planning through consistent contributions.
By standing in for the President at the launch, Senator Akpabio underscored the synergy between the legislative and executive arms of government in advancing social protection frameworks. Both the Minimum Pension Guarantee and PenCare will now be administered through relevant pension institutions to ensure Nigerians who have dedicated their working lives to national development can retire with financial stability and dignity.
