Imagine working for 35 years, raising a family, serving your country, only to spend your retirement queuing for months to get your own money. That story is far too familiar in Nigeria — and according to President Bola Tinubu, it shouldn't be.

Here is what happened in Abuja on Thursday, and why it matters for every worker and retiree in the country.

What happened?

President Bola Tinubu has declared that paying monthly pensions to retirees is not an act of charity by the government.

Speaking during the unveiling of a new initiative called PenCare in Abuja on Thursday, the President said pensions are simply wages that have been earned, deferred, and held in trust.

Tinubu was represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume.

In his words: “A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise. And this administration has resolved that the promise will be kept.”

Let's be honest, this is personal.

Behind every Retirement Savings Account (RSA) is a teacher who taught for decades in Ogun, a civil servant in Minna, a nurse in Enugu. For them, pension is not policy grammar — it is rent, medicine, school fees for grandchildren, dignity.

When that payment doesn’t drop, life stops.

That is why Tinubu’s framing matters. By calling it a deferred wage, not a favour, he is shifting the conversation from government benevolence to workers’ rights.

Some Background and Data You Should Know:

Nigeria’s pension story changed in 2004. The Pension Reform Act 2004, later amended in 2014, moved the country from the unsustainable Defined Benefit Scheme — where government paid from budget — to the Contributory Pension Scheme (CPS).

Under the CPS, both employer and employee contribute a percentage of monthly emoluments into an RSA managed by a Pension Fund Administrator (PFA).

As of Q1 2025, PenCom data shows over 10.3 million RSAs and pension assets under management exceeding N22 trillion — one of the largest pools of investible funds in Africa. Yet that still covers less than 15% of Nigeria’s working population. Over 70% of workers are in the informal sector — artisans, traders, drivers — with little or no pension cover.

That is the gap Oloworaran wants to close with those three million new *funded* accounts.

Why It Matters:

1. For Retirees: If PenCare works, it could mean faster complaint resolution, shorter waiting times, and an end to the “come back next week” culture.

2. For Workers: It is a reminder that your pension is not a gift. It is your money. Check your RSA balance, ensure your employer remits, and take ownership.

3. For the Economy: More funded accounts means more long-term domestic capital for infrastructure, mortgages and investment — instead of relying solely on foreign borrowing.

What is PenCare?

Think of PenCare as customer care for pensioners. While PenCom has not released the full operating manual yet, the idea is to create a dedicated, empathetic service layer — a single point where retirees can get updates on their benefits, lodge complaints, and be treated with respect, not as a burden. Details on how it will interface with PFAs and the Pension Transitional Arrangement Directorate (PTAD) are expected in the coming days.

What’s Next?

Words are one thing, implementation is everything.

Here is what to watch:

1. Rollout: Will PenCare have physical desks in states or be fully digital? How will illiterate or rural retirees access it?

2. Enforcement: Will PenCom sanction employers — including state governments — who fail to remit pension contributions?

3. Informal Sector Push: How will PenCom convince market women and okada riders to lock money away for 20 years? The Micro Pension Plan launched in 2019 has grown slowly and needs more trust and incentives.

4. Your Move: If you are an employee, download your PFA app today and check your balance. If you are an employer, remit on time. It is the law.

At its core, as cbinewstv.com reports, the message from Abuja is simple: retirement should not be a punishment. A pension is a promise — and promises must be kept.

What has your pension experience been like? Have you or your parents faced delays?

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