President Bola Tinubu has officially unveiled a N25 trillion pension asset pool. This initiative is part of a broad social protection drive intended to ensure that Nigerian workers no longer experience financial hardship following their retirement.
During the opening of the ISSA 2026 West Africa Seminar in Abuja, the President reaffirmed his administration’s dedication to protecting the workforce from economic instability and risks encountered in the workplace.
He explained that his government has been focused on the Renewed Hope Agenda since taking office in 2023. This agenda prioritizes the restoration of opportunities, the protection of livelihoods, and the restoration of confidence in the national economy.
The President noted that the primary institutions supporting Nigeria’s social security framework have been bolstered to ensure more effective results for the labor force.
“Through the Nigeria Social Insurance Trust Fund, we have fundamentally strengthened workplace injury protection. Today, over 7.5 million Nigerian employees are covered under the Employees’ Compensation Scheme, ensuring that when workplace accidents or disabilities occur, families are protected from sudden economic ruin,” he said.
Tinubu shared that the National Pension Commission currently oversees more than 10 million workers who contribute to the Contributory Pension Scheme. He confirmed that the total value of these pension assets has surpassed the N25 trillion mark.
Speaking through the Minister of Budget and National Planning, Atiku Bagudu, the President emphasized that the importance of these reforms goes beyond the financial statistics, signaling a return of trust among the Nigerian workforce.
“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.
He further observed that the most effective form of social security is employment. He pointed out that the National Directorate of Employment (NDE) has successfully empowered over two million citizens via entrepreneurship, skill acquisition, and job creation initiatives.
Regarding the health sector, Tinubu stated that the National Health Insurance Authority (NHIA) has enrolled over 16 million Nigerians. This expansion aims to lower out-of-pocket medical costs and enhance the accessibility of healthcare services.
He mentioned that the Federal Ministry of Humanitarian Affairs and Poverty Reduction continues to assist vulnerable homes through food security programs, livelihood support, and conditional cash transfers. He also noted that the N-Power scheme has improved service delivery and youth employment.
The President drew attention to housing reforms under the Renewed Hope Housing Programme and the National Housing Fund. These projects are designed to increase home ownership and provide affordable housing for middle- and low-income earners.
He clarified that these various interventions are being guided by data from the National Social Register. This integration ensures that support is accurately directed toward the Nigerians who need it most.
“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.
The President commented that although West Africa possesses economic potential and a youthful demographic, the region is still susceptible to health shocks, unemployment, and economic volatility.
He stressed the importance of effective communication in establishing trust within social security frameworks. He encouraged stakeholders to use grassroots-driven and culturally relevant methods to reach the public.
Minister of Labour and Employment, Mohammed Maigari Dingyadi, provided assurances during his remarks that the ministry is committed to protecting the welfare of workers through diligent oversight and policy application.
He remarked that the NSITF, which was created under the Employees’ Compensation Act of 2010, remains essential in providing compensation for deaths, disabilities, and injuries sustained at work.
Oluwaseun Falaye, the Managing Director of the NSITF, concluded by stating that Nigeria’s shifting labor market and increasing population make a stronger, more responsive social protection system an absolute necessity.
