President Bola Tinubu has unveiled a N25 trillion pension asset pool as part of a broad push to strengthen Nigeria’s social protection system, assuring workers of greater financial security after retirement.
The announcement was made at the opening of the ISSA 2026 West Africa Seminar in Abuja, where the President reaffirmed his administration’s commitment to shielding citizens from economic shocks and workplace risks under the Renewed Hope Agenda.
Tinubu noted that since taking office in 2023, his government has prioritised policies aimed at restoring economic confidence, protecting livelihoods, and expanding opportunities for Nigerians. Central to this effort, he said, is the strengthening of institutions responsible for social security delivery.
Highlighting progress in worker protection, he said the Nigeria Social Insurance Trust Fund (NSITF) has significantly improved workplace injury coverage. According to him, over 7.5 million employees are now enrolled under the Employees’ Compensation Scheme, providing a safety net for workers and their families in cases of accidents or disability.
On pensions, the President disclosed that more than 10 million Nigerians are actively contributing to the Contributory Pension Scheme, supervised by the National Pension Commission (PenCom), with total assets exceeding N25 trillion. He stressed that beyond the figures, the growth reflects renewed trust in the system and confidence that retirement will no longer translate into hardship.
Represented by the Minister of Budget and National Planning, Atiku Bagudu, Tinubu emphasised that employment remains the strongest form of social security. He noted that the National Directorate of Employment (NDE) has empowered over two million Nigerians through skills training and job creation programmes.
In the health sector, he revealed that more than 16 million Nigerians are now enrolled under initiatives of the National Health Insurance Authority (NHIA), helping to expand access to affordable healthcare and reduce out-of-pocket expenses.
Tinubu also pointed to ongoing social intervention programmes led by the Federal Ministry of Humanitarian Affairs and Poverty Reduction, which continue to support vulnerable households through cash transfers, food security initiatives, and livelihood support schemes.
He added that housing reforms under the National Housing Fund and the Renewed Hope Housing Programme are improving access to affordable homes, particularly for low- and middle-income earners.
The President emphasised that all interventions are being strengthened through data integration using the National Social Register to ensure targeted delivery. He reiterated his administration’s goal of building a digitally enabled, integrated social protection system that combines pensions, healthcare, employment support, and social assistance into a unified framework.
Also speaking, the Minister of Labour and Employment, Mohammed Maigari Dingyadi, reaffirmed the government’s commitment to protecting workers through effective policy implementation, while NSITF Managing Director, Oluwaseun Falaye, stressed the growing need for a more responsive social security system in Nigeria.
