Nigeria: Tinubu unveils N25 trillion pension assets, pledges stronger social safety net for workers
By Zuleihat Owuiye, Mamos Nigeria
President Bola Tinubu has unveiled Nigeria’s N25 trillion pension asset pool as part of a broader social protection push, assuring workers they will not face hardship in retirement.
Speaking Tuesday at the ISSA 2026 West Africa Seminar in Abuja, Tinubu said his administration is committed to shielding workers from economic shocks and workplace risks through a strengthened social security system.
Represented by Minister of Budget and National Planning Atiku Bagudu, the President said the Renewed Hope Agenda, launched in 2023, focuses on restoring opportunity, protecting livelihoods, and rebuilding confidence in the economy.
Tinubu said over 7.5 million employees are now covered under the Employees’ Compensation Scheme of the Nigeria Social Insurance Trust Fund. “When workplace accidents or disabilities occur, families are protected from sudden economic ruin,” he said.
On pensions, he noted that more than 10 million workers actively contribute to the Contributory Pension Scheme, with total assets now above N25 trillion.
“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,” he said.
Tinubu described employment as the strongest form of social security. He said the National Directorate of Employment has empowered over two million Nigerians through skill acquisition, entrepreneurship, and job creation programmes.
Healthcare coverage has also grown, with over 16 million Nigerians enrolled under the National Health Insurance Authority, reducing out-of-pocket medical costs.
He added that the Federal Ministry of Humanitarian Affairs and Poverty Reduction continues to support vulnerable households through conditional cash transfers, food security initiatives, and livelihood support. Youth schemes such as N-Power have also boosted employment and service delivery.
Housing reforms under the National Housing Fund and Renewed Hope Housing Programme aim to expand access to affordable homes for low- and middle-income earners.
The President said data integration through the National Social Register is improving targeted delivery to vulnerable Nigerians.
“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,” he said.
He noted that despite West Africa’s youthful population and economic potential, the region remains vulnerable to unemployment, health shocks, and economic uncertainty. Effective, culturally relevant communication is key to building trust in social security systems, he added.
Labour and Employment Minister Mohammed Maigari Dingyadi said the ministry remains committed to workers’ welfare through policy implementation and oversight. He noted the NSITF, established under the Employees’ Compensation Act of 2010, continues to provide compensation for workplace injuries, disabilities, and deaths.
NSITF Managing Director Oluwaseun Falaye said demand for a stronger, more responsive social protection system is inevitable given Nigeria’s growing population and dynamic labour market.
