Tinubu showcases N25tn pension assets, promises secure retirement for Nigerian workers

President Bola Ahmed Tinubu on Tuesday spotlighted Nigeria’s growing pension assets, now valued at over N25 trillion, describing it as a cornerstone of his administration’s broader social protection reforms aimed at safeguarding workers’ futures.

Speaking at the opening of the International Social Security Association (ISSA) 2026 West Africa Seminar in Abuja, the President said his government is determined to ensure that retirement no longer translates into hardship for Nigerian workers.

He noted that since taking office in 2023, his administration has pursued the Renewed Hope Agenda with a focus on economic stability, job security, and improved welfare systems.

Tinubu explained that key institutions within Nigeria’s social security framework have been repositioned to deliver more effective services, particularly in protecting workers from workplace risks.

He said, “Through the Nigeria Social Insurance Trust Fund, we have fundamentally strengthened workplace injury protection. Today, over 7.5 million Nigerian employees are covered under the Employees’ Compensation Scheme, ensuring that when workplace accidents or disabilities occur, families are protected from sudden economic ruin.”

On pensions, the President revealed that more than 10 million workers are actively enrolled in the Contributory Pension Scheme, with total assets surpassing N25 trillion under the supervision of the National Pension Commission.

Represented at the event by the Minister of Budget and National Planning, Atiku Bagudu, Tinubu stressed that the significance of the pension fund goes beyond its monetary value.

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He said, “What those assets represent is trust, the hard-earned savings of Nigerian workers who now have confidence that after a lifetime of service, retirement will not mean hardship, uncertainty, or loss of dignity, but security and peace of mind.”

Highlighting employment as a key pillar of social security, the President disclosed that the National Directorate of Employment has empowered over two million Nigerians through skills acquisition and entrepreneurship programmes.

He also pointed to improvements in healthcare access, noting that more than 16 million Nigerians have been enrolled under the National Health Insurance Authority schemes, helping to reduce out-of-pocket medical costs.

According to him, ongoing social intervention initiatives under the Federal Ministry of Humanitarian Affairs and Poverty Reduction continue to support vulnerable households through cash transfers, food security programmes, and livelihood assistance. He added that youth-focused schemes like N-Power have also contributed to employment generation.

Tinubu further highlighted reforms in the housing sector, particularly under the National Housing Fund and the Renewed Hope Housing Programme, which are aimed at increasing access to affordable housing for low- and middle-income earners.

He explained that the success of these interventions is being strengthened through the use of the National Social Register, enabling better targeting of support to those who need it most.

“Our objective is clear: to move toward an integrated and digitally enabled social protection system, where pensions, healthcare, employment support and social assistance operate as coordinated guarantees of social and economic security,” the President said.

The President also noted that despite its demographic advantage and economic potential, West Africa continues to grapple with unemployment, health vulnerabilities, and economic instability. He emphasised the importance of effective communication in building trust in social protection systems, urging stakeholders to adopt grassroots-driven approaches.

In his remarks, the Minister of Labour and Employment, Mohammed Maigari Dingyadi, reaffirmed the government’s commitment to protecting workers through strong policy implementation and oversight.

He highlighted the continued relevance of the Nigeria Social Insurance Trust Fund, established under the Employees’ Compensation Act of 2010, in providing compensation for workplace injuries and fatalities.

Also speaking, the Managing Director of the NSITF, Oluwaseun Faleye, said Nigeria’s expanding population and evolving labour market make the demand for a more responsive and inclusive social protection system inevitable.

The seminar brought together policymakers, labour leaders, and social security experts from across the region to explore strategies for strengthening welfare systems and ensuring long-term economic resilience.

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