ABUJA — For 22 years, it was a promise on paper.

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‎On Tuesday, President Bola Tinubu finally put money behind it.

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‎At the State House Banquet Hall in Abuja, Tinubu launched two new programmes for Nigerian retirees: a minimum pension guarantee of N52,500 a month, and PenCare, a free health insurance scheme for low-income retirees.

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‎The launch was part of the Presidential Pension Security Initiative, themed “Securing Every Nigerian’s Future.”

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‎Tinubu, represented by Senate President Godswill Akpabio, said the Pension Reform Act had promised every contributor a guaranteed minimum pension since 2004.

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‎Sections 71, 82 and 84 of the Act made that promise and created a fund to pay for it. But for 22 years, no government funded it.

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‎“That promise has been the law of this land for 22 years. In those years, this republic has been led by five presidents. The promise stayed on paper because no one put money behind it,” said Omolola Oloworaran, Director-General of the National Pension Commission (PenCom).

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‎N400 BILLION FUND

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‎To make the guarantee work, the Federal Government has set aside N400 billion in a Pension Protection Fund.

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‎Oloworaran said the N52,500 figure was not chosen at random. It was determined through actuarial assessment and will be reviewed from time to time.

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‎“The figure was not plucked from the air; it has been validated by an actuary, and it is subject to review. And it is funded,” she said.

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‎A total of 173,209 pensioners are expected to benefit.

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‎Of that number, 34 percent retired from the Federal Government, 12 percent from state governments, and 54 percent from the private sector.

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‎Before this, some retirees under the Contributory Pension Scheme were receiving just over N20,000 a month.

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‎Oloworaran said more than 65 percent of private-sector retirees currently earn below the new minimum, making them the most vulnerable group.

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‎She called on private-sector employers to contribute to the Pension Protection Fund, saying businesses should share responsibility for workers who spent their productive years building their organisations.

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‎FREE HEALTH CARE FOR 30,000 RETIREES

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‎The second programme, PenCare, will give free health insurance to low-income retirees aged 60 and above under the Contributory Pension Scheme.

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‎It is a Corporate Social Responsibility initiative jointly funded by PenCom and Pension Fund Operators.

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‎The pilot phase will cover 30,000 eligible retirees across various Pension Fund Administrators, on a first-come, first-served basis.

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‎Registration is free. Eligible retirees can sign up through their Pension Fund Administrators.

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‎DIGNITY IN RETIREMENT

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‎Speaking for pension industry stakeholders, Chairman of Heirs Holdings, Tony Elumelu, said the launch was an important statement by government.

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‎He said Nigeria should be a country where those who worked hard, served diligently and contributed to national development can retire with dignity, security and peace of mind.

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‎He commended Tinubu for recognising that the true measure of a nation’s prosperity is not only how it creates wealth, but how it protects its people, especially the most vulnerable.

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‎According to him, the two initiatives address the two biggest worries of every retiree: access to health care and security of income.

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‎For thousands of retirees who have waited more than two decades, Tuesday’s launch was more than a ceremony. It was the first time the promise of a minimum pension finally came with money to back it.