President Bola Tinubu has unveiled a ₦25trillion pension asset pool, assuring Nigerian workers of financial security after retirement as part of a broader push to strengthen social protection.
Speaking at the opening of the ISSA 2026 West Africa Seminar in Abuja, the President said his administration’s Renewed Hope Agenda prioritises protecting livelihoods, expanding opportunities, and rebuilding economic confidence since taking office in 2023.
Tinubu noted that institutions central to Nigeria’s social security system have been reinforced to improve outcomes for workers.
He highlighted the role of the Nigeria Social Insurance Trust Fund, stating that over 7.5 million employees are now covered under the Employees’ Compensation Scheme, ensuring financial protection in cases of workplace injury or disability.
He also disclosed that more than 10 million workers are actively contributing to the Contributory Pension Scheme, supervised by the National Pension Commission, with total pension assets exceeding ₦25 trillion.
Represented by Atiku Bagudu, Tinubu emphasised that the growing pension fund reflects increasing trust in the system, assuring workers of dignity and stability in retirement.
The President added that employment remains the most reliable form of social security, noting that the National Directorate of Employment has empowered over two million Nigerians through skills training, entrepreneurship, and job creation initiatives.
On healthcare, he said more than 16 million Nigerians have been enrolled under programmes of the National Health Insurance Authority, reducing medical expenses and improving access to care.
Tinubu further highlighted ongoing social intervention programmes under the Federal Ministry of Humanitarian Affairs and Poverty Reduction, including conditional cash transfers and food security initiatives, as well as youth-focused schemes like N-Power.
He also pointed to housing reforms under the National Housing Fund and the Renewed Hope Housing Programme, designed to expand access to affordable homes for low- and middle-income earners.
According to the President, these initiatives are being supported by the National Social Register to ensure targeted delivery to vulnerable groups, with the long-term goal of building a digitally integrated social protection system.
Tinubu stressed that despite West Africa’s youthful population and economic potential, the region remains exposed to unemployment and economic shocks, calling for improved communication strategies to build public trust in social security systems.
In his remarks, Minister of Labour and Employment, Mohammed Maigari Dingyadi, reaffirmed the government’s commitment to workers’ welfare, while NSITF Managing Director, Oluwaseun Falaye, noted that growing population pressures make a stronger and more responsive social protection system essential.
Source – BarristerNG.
(vitalnewsngr.com)
