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Tinubu Unveils ₦25 Trillion Pension Fund to Strengthen Workers’ Retirement Security
President Bola Tinubu has unveiled a ₦25 trillion pension asset pool, assuring Nigerian workers of financial security after retirement as part of a broader push to strengthen social protection.
Speaking at the opening of the ISSA 2026 West Africa Seminar in Abuja, the President said his administration’s Renewed Hope Agenda prioritises protecting livelihoods, expanding opportunities, and rebuilding economic confidence since taking office in 2023.
Tinubu noted that institutions central to Nigeria’s social security system have been reinforced to improve outcomes for workers. He highlighted the role of the Nigeria Social Insurance Trust Fund, stating that over 7.5 million employees are now covered under the Employees’ Compensation Scheme, ensuring financial protection in cases of workplace injury or disability.
He also disclosed that more than 10 million workers are actively contributing to the Contributory Pension Scheme, supervised by the National Pension Commission, with total pension assets exceeding ₦25 trillion.
Represented by Atiku Bagudu, Tinubu emphasised that the growing pension fund reflects increasing trust in the system, assuring workers of dignity and stability in retirement.
The President added that employment remains the most reliable form of social security, noting that the National Directorate of Employment has empowered over two million Nigerians through skills training, entrepreneurship, and job creation initiatives.
On healthcare, he said more than 16 million Nigerians have been enrolled under programmes of the National Health Insurance Authority, reducing medical expenses and improving access to care.
Tinubu further highlighted ongoing social intervention programmes under the Federal Ministry of Humanitarian Affairs and Poverty Reduction, including conditional cash transfers and food security initiatives, as well as youth-focused schemes like N-Power.
He also pointed to housing reforms under the National Housing Fund and the Renewed Hope Housing Programme, designed to expand access to affordable homes for low- and middle-income earners.
According to the President, these initiatives are being supported by the National Social Register to ensure targeted delivery to vulnerable groups, with the long-term goal of building a digitally integrated social protection system.
Tinubu stressed that despite West Africa’s youthful population and economic potential, the region remains exposed to unemployment and economic shocks, calling for improved communication strategies to build public trust in social security systems.
In his remarks, Minister of Labour and Employment, Mohammed Maigari Dingyadi, reaffirmed the government’s commitment to workers’ welfare, while NSITF Managing Director, Oluwaseun Falaye, noted that growing population pressures make a stronger and more responsive social protection system essential.
Federal Capital Territory FCT minister Nyesom Wike is set to inspect Karu Township road due for completion by May 2026 in the next few minutes.
The minister has been monitoring projects in the Territory bumper to bumper to ensure completion in due time.
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The African Democratic Congress (ADC) Legislators’ Forum has strongly condemned the latest move by President Bola Ahmed Tinubu to secure Senate approval for an additional external loan of $516,333,070, ostensibly for the Sokoto–Badagry Super Highway project.
This was contained in a statement issued and signed by the regional leaders of the Forum: Hon. Uko Ndukwe Nkole ,PhDChairmanADC -National Legislators’ Forum African Democratic Congress (ADC)
Hon Nnenna Ukeje-SEHon Sergius Ogun-SSHon Ajagbe H -SWHon Zakari Mohammed -NCHon Koko Shehu -NWHon Maigari Bello M-NE stating that:
“This request is not only alarming but emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the wellbeing of future generations.
“While no responsible opposition undermines the importance of infrastructure development, we must ask: at what cost, and under what conditions? This government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent, and economically viable repayment strategy.
“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe. Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.
” Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest.
“The ADC Legislators’ Forum insists that the National Assembly must not act as a rubber stamp or Pro group of President Bola Ahmed Tinubu in this matter.
“The Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan.
“Anything short of this would amount to a betrayal of public trust.
“Furthermore, we call on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.
“Borrowing should never be a substitute for leadership, creativity, and accountability.
“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come. The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny.
“Nigeria stands at a critical crossroads. We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability. The Tinubu administration must decide where it stands; but Nigerians are watching, and history will not be kind to those who fail this nation.
At least one ISWAP fighter has been captured alive while top commander identified as Abu Umar Bundi Munzir has been neutralised alongside 24 other insurgents in Borno.
The development followed a foiled coordinated attack on Kukareta community in Borno by troops of Operation HADIN KAI.
Maj.-Gen. Abdulsalam Abubakar, Theartre Commander, North East Operation Hadin Kai, disclosed this to the News Agency of Nigeria (NAN), in Maiduguri on Thursday, while providing situational update on the failed attack by ISWAP terrorists.
NAN report that the insurgents launched the attack in the early hours of Thursday, shortly after midnight, in an attempt to overrun the location but were decisively engaged by troops of Sector 2 in a sustained counter-offensive that lasted till about 3;00 a.m.
Abubakar said that during the encounter, the terrorists’ commander, Abu Umar Bundi Munzir, was reportedly among those neutralised as troops repelled the assault and forced the remaining attackers into a disorganised withdrawal.
The theartre commander also confirmed that a total of 24 other terrorists were killed in the operation, bringing the overall neutralised figure to 25.
”Troops subsequently conducted exploitation of the battlefield, leading to the recovery of a large cache of arms and ammunition, including 18 AK-47 rifles, three General Purpose Machine Guns, two PKT automatic anti-aircraft guns and three RPG tubes.
”Others include two mortar tubes, four hand grenades, 18 AK-47 magazines, and large quantities of belted 7.62mm ammunition,” he said.
According to him, two soldiers sustained gunshot wounds during the encounter and have since been stabilised, while an armoured reinforcement vehicle had its tyres damaged during the firefight.
He added that further exploitation operations were ongoing to recover fleeing terrorists bodies, and abandoned equipment along withdrawal routes reportedly marked by blood trails and medical items.
The commander described the operation as a significant success in ongoing counter-insurgency efforts, noting that sustained pressure would be maintained to deny terrorist elements freedom of action in the North-East theatre.
(NAN)
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