Billionaire businessman Tony Elumelu has hailed President Bola Tinubu’s introduction of a N52,500 minimum monthly pension and a free healthcare programme for low-income retirees, describing the initiatives as “investments in human dignity.”
Elumelu, Chairman of Heirs Holdings and Transcorp, said the National Minimum Pension Guarantee and PenCare Retiree Healthcare Initiative addressed two critical concerns of retirees: income security and access to healthcare.
He made the remarks at the Presidential Pension Security Initiatives launch, where the Federal Government introduced the minimum pension guarantee for retirees under the Contributory Pension Scheme.
“The two initiatives being launched today — the PenCare Retiree Healthcare Initiative and the National Minimum Pension Guarantee — address two fundamental concerns of every retiree: access to healthcare and security of income,” Elumelu said.
He particularly commended the pension industry for financing the PenCare healthcare initiative, describing it as a demonstration of responsible institutions prioritising the welfare of citizens.
He added that the private sector remained willing to support policies and partnerships capable of strengthening institutions and improving people’s lives.
The minimum pension guarantee, which takes immediate effect, will raise the monthly pensions of 173,209 retirees currently receiving less than N52,500.
The Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, said the provision had been in the country’s pension law since 2004 but had never been implemented.
She disclosed that the guarantee would be funded through a N400bn Pension Protection Fund, with contributions from the Federal Government and the pension industry.
Oloworaran said state governments must also contribute to the fund before their retirees could benefit, warning that sustained funding was necessary to prevent its depletion.
She added that the N52,500 threshold had been validated by an actuary and would be subject to review.
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Meanwhile, PenCare has raised more than N7bn, with health insurance premiums paid for nearly 30,000 retirees.
Between 25,000 and 30,000 health access cards were issued during the programme’s pilot phase, while retirees yet to receive their cards can obtain them through their Pension Fund Administrators.
Elumelu said the initiatives aligned with his Africapitalism philosophy, which advocates using private-sector investment to drive economic growth and improve living standards.
“I congratulate Mr. President, the leadership of PenCom led by Omolara Olowaroran, and all stakeholders who have made today’s milestone possible,” he said.
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