Public Finance
Nigeria starts a ₦52,500 minimum monthly pension for 173,209 retirees, backed by a ₦400 billion fund
The federal government has put into effect the Minimum Pension Guarantee under the Contributory Pension Scheme, raising every eligible retiree's monthly pension to at least ₦52,500, with 173,209 people expected to benefit, PenCom said. It is financed by a ₦400 billion Pension Protection Fund and lifts the lowest pensions, some just above ₦20,000 a month, while testing how the fund will be sustained.
