President Bola Tinubu on Wednesday unveiled a N25tn pension asset pool as part of efforts to strengthen Nigeria’s social protection system, assuring workers of improved security after retirement.
Tinubu made the disclosure at the opening of the ISSA 2026 West Africa Seminar in Abuja, where he reiterated his administration’s commitment to protecting workers from economic shocks and workplace risks.
The President said his government, since assuming office in 2023, had pursued the Renewed Hope Agenda with a focus on restoring opportunities, safeguarding livelihoods and rebuilding confidence in the economy.
He noted that critical institutions driving Nigeria’s social security framework had been strengthened to deliver better outcomes for workers across the country.
According to him, the Nigeria Social Insurance Trust Fund has significantly enhanced workplace injury protection, with over 7.5 million employees now covered under the Employees’ Compensation Scheme.
He said the scheme ensures that workers and their families are protected against sudden financial hardship arising from workplace accidents, disabilities or death.
Tinubu also disclosed that more than 10 million Nigerian workers were actively contributing to the Contributory Pension Scheme under the supervision of the National Pension Commission, with total pension assets exceeding N25tn.
Represented by the Minister of Budget and National Planning, Atiku Bagudu, the President said the growth in pension assets reflected renewed trust and confidence among workers.
He said the funds represented the hard-earned savings of Nigerians who now have greater assurance of financial stability in retirement.
The President further identified employment as a critical pillar of social security, noting that the National Directorate of Employment had empowered over two million Nigerians through skills acquisition, entrepreneurship and job creation initiatives.
On healthcare, he stated that more than 16 million Nigerians had been enrolled under the programmes of the National Health Insurance Authority, aimed at reducing out-of-pocket medical expenses and improving access to healthcare services.
Tinubu added that social intervention programmes under the Federal Ministry of Humanitarian Affairs and Poverty Reduction continued to support vulnerable households through conditional cash transfers, food security initiatives and livelihood support schemes.
He also highlighted the impact of youth-focused initiatives such as N-Power in boosting employment and enhancing service delivery.
The President said ongoing housing reforms, including the National Housing Fund and the Renewed Hope Housing Programme, were designed to expand access to affordable housing and promote home ownership among low- and middle-income earners.
He explained that these interventions were being supported by data integration through the National Social Register to ensure effective targeting of beneficiaries.
“Our objective is to build an integrated and digitally enabled social protection system where pensions, healthcare, employment support and social assistance function as coordinated guarantees of economic security,” he said.
Tinubu, however, observed that despite its youthful population and economic potential, West Africa remained vulnerable to unemployment, health challenges and economic uncertainties.
He stressed the need for effective communication strategies to build public trust in social security systems, urging stakeholders to adopt grassroots-driven and culturally relevant approaches.
In his remarks, the Minister of Labour and Employment, Mohammed Maigari Dingyadi, reaffirmed the ministry’s commitment to protecting workers’ welfare through sound policy implementation and oversight.
Also speaking, the Managing Director of the Nigeria Social Insurance Trust Fund, Oluwaseun Faleye, said the demand for a more responsive and robust social protection system in Nigeria would continue to grow in line with the country’s expanding population and evolving labour market.
