President Bola Tinubu on Tuesday launch N52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme, and e end 22-year delay in implementing the provision of the Pension Reform Act.

The President also inaugurate the Pension Industry Healthcare Plan for Retirees, wey dem dey call PenCare, to provide free essential healthcare services to low-income pensioners.

Tinubu, wey Senate President Godswill Akpabio represent, announce the initiatives during the Presidential Pension Security Initiatives ceremony at the State House Banquet Hall, Abuja.

As e declare the minimum pension guarantee operational, he talk say, "By the authority wey dem vest in me as President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I hereby declare the Minimum Pension Guarantee Scheme commenced."

The President explain say the guarantee, wey dem first provide for under the Pension Reform Act of 2004 and keep inside the 2014 legislation, remain unimplemented despite successive administrations.

"From dis day, there is a floor beneath the Nigerian retiree. Nobody wey contribute under the Contributory Pension Scheme go ever allow to fall below," he talk.

Tinubu urge future administrations to maintain the guarantee, and he declare say, "Raise am. But never remove the floor."

On healthcare, he talk say the PenCare initiative go protect vulnerable retirees from medical expenses wey fit finish their pension savings.

"PenCare dey give our low-income retirees access to essential health care without charge," he talk, and add say beneficiaries go start to receive healthcare access cards in the coming months.

The President also disclose say his administration don issue N758bn bond to address pension arrears wey don long, and e don approve N32,000 monthly consequential adjustment for affected federal pensioners.