Tinubu flaunts N25tn pension assets, promising secure retirement for Nigerian workers

President Bola Ahmed Tinubu on Tuesday highlighted the growth of Nigeria’s pension assets, now worth over N25 trillion, and described it as a cornerstone of his administration’s broader social protection reforms aimed at protecting the future of workers.

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

He noted that since taking office in 2023, his government has implemented the New Hope Agenda with a focus on economic stability, job security and improving the welfare system.

Tinubu explained that key institutions in Nigeria’s social security framework have been repositioned to provide 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, more than 7.5 million Nigerian employees are covered by the Employees’ Compensation Scheme, which ensures that when an accident or disability occurs at work, families are protected from sudden economic devastation.”

On pensions, the President disclosed that over 10 million workers are actively registered in the Contributory Pension Scheme, with total assets exceeding N25 trillion under the supervision of the National Pension Commission.

Represented by the Minister of Budget and National Planning, Atiku Bagudu, Tinubu emphasized that the importance of pension funds is more than just their monetary value.

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He said, “These assets represent the confidence, 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 programs.

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

According to him, ongoing social intervention initiatives under the Federal Ministry of Humanitarian Affairs and Poverty Alleviation continue to support vulnerable households through cash transfers, food security programs and livelihood assistance. He added that youth-focused schemes like N-Power also contribute to job creation.

Tinubu further highlighted reforms in the housing sector, particularly under the National Housing Fund and the New Hope Housing Programme, which aim to increase access to affordable housing for low and middle income people.

He explained that the success of this intervention was strengthened through the use of the National Social Register, allowing for more targeted assistance to those who need it most.

“Our goal is clear: towards an integrated and digitally enabled social protection system, where pension funds, health services, employment support and social assistance serve as coordinated guarantees of social and economic security,” the President said.

The President also noted that despite its demographic advantages and economic potential, West Africa continues to grapple with unemployment, health vulnerabilities and economic instability. He stressed the importance of effective communication in building trust in social protection systems, and urged stakeholders to adopt a grassroots-based approach.

In his remarks, the Minister of Labor and Employment, Mohammed Maigari Dingyadi, reiterated the government’s commitment to protecting workers through the implementation of strong policies and supervision.

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

Also speaking, the Managing Director of NSITF, Oluwaseun Faleye, said Nigeria’s growing population and ever-evolving labor market made the demand for a more responsive and inclusive social protection system inevitable.

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