ABUJA, NIGERIA – The National Pension Commission (PenCom) says the new Minimum Pension Guarantee took off on the day it was launched, with some retirees already receiving payment alerts during the event.

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‎The Head of Communications at PenCom, Ibrahim Buwai, who represented the Director-General, Omolola Oloworaran, disclosed this  at the 2026 Pension Correspondents Association of Nigeria (PENCAN) conference in Abuja.

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‎Buwai said federal government employees who have enrolled have had their accrued pension rights paid, meaning their Retirement Savings Accounts are ready for access on retirement.

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‎”In effect, the Retirement Savings Account is what I like to call locked and loaded, just waiting for the retirees to retire and come and access their pensions,” he said.

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‎He said PenCare, the new free health scheme for low-income retirees, is coming at an opportune time, as medical expenses make up a large share of retirees’ spending.

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‎”In a way, it is an indirect way of increasing pensions, increasing the pension pocket, so that the retiree’s monthly pension can be available to take care of other needs,” he said.

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‎He said PenCare has been designed to be sustainable and independent, funded by the pension industry through Corporate Social Responsibility, with donor funding expected later. He said it is led by an independent board chaired by M.K. Ahmad, with professionals, academics and experts in actuarial science and health.

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‎On the Minimum Pension Guarantee, Buwai said the provision has existed since 2004 but was never activated due to lack of funding for the Pension Protection Fund.

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‎He said the scheme is now set at 52,500 naira, meaning those receiving below that amount will have their pensions automatically upgraded.

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‎”In Nigeria we are used to when many initiatives are announced, then the next issue becomes when will it take off. I am happy to tell you that the Minimum Pension Guarantee actually took off yesterday,” he said.

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‎”We were actually receiving the alerts while the event was going on.”

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‎He also announced that the Federal Government has approved payment of 100 percent of annual emolument as additional exit benefits, similar to gratuity, with effect from Jan. 1, 2026.

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‎He said the Contributory Pension Scheme did not abolish gratuity, noting that Section 4 of the Pension Reform Act allows employers to give additional benefits.

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‎”All those who have retired in 2026 and applied have been paid. As we speak now, it is travelling ahead of applications,” he said.

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‎Buwai said PenCom is now in an era where announcements are matched by action.

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‎”Whatever you see, you hear us announce, you hear us talk about, you can confidently take it back, because now, transparency will be transparency,” he said.