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Free health insurance for Nigerian pensioners set to begin
Pensioners in Nigeria would begin to enjoy free health insurance before the end of this year
The National Pension Commission announced that initiative would begin with retirees in lower-income categories.
The Director-General of PenCom, Omolola Oloworaran, disclosed this during a workshop on the workings of the Contributory Pension Scheme held in Abuja on Wednesday.
Oloworaran was represented by the Director, Contribution and Bond Redemption Department, Mr Usman Musa.
She said the initiative was designed to enhance the welfare of retirees and ensure that they enjoy dignity and security beyond their monthly pensions.
“Free health insurance for retirees will begin later this year, starting with pensioners in lower-income categories, ensuring dignity and security beyond financial pensions,” she said.
According to her, the initiative is part of PenCom’s broader “Pension Revolution 2.0” reforms, which aim to strengthen social protection for pensioners and align with the policy direction of President Bola Tinubu’s administration.
She stated that the Contributory Pension Scheme had significantly transformed Nigeria’s pension landscape, moving from “an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.”
Oloworaran revealed that more than 10 million Nigerians are currently covered under the scheme, with pension assets exceeding N25tn.
She noted that over 844,000 retirees across the public and private sectors now receive regular pension benefits, comprising 552,000 monthly pensioners and 291,735 who have collected lump-sum payments.
The PenCom boss also listed key reforms recently introduced by the commission, including Pension Boost 1.0, which increased monthly pensions for 241,000 retirees from N12.16bn to N14.84bn effective June 2025, and the introduction of zero waiting time for pension payments since July 2025.
She further disclosed that the Federal Government had approved the issuance of N758bn in bonds to clear long-standing pension liabilities, including arrears of pension increases owed since 2007.
Myesom Wike, the Minister of the Federal Capital Territory, FCT, has sacked the Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, FCT-IRS, Mr Michael Ango, of his duties.
The announcement was contained in a statement late Friday by the minister’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka.
The statement added that the decision takes immediate effect.
Olayinka said the minister directed the most senior official of the FCT-IRS to immediately assume leadership of the agency
“The Minister of the Federal Capital Territory, Nyesom Wike, has sacked the Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, Mr Michael Ango,” he stated.
He added that “the most senior official of the FCT-IRS has been directed to take over the running of the revenue agency with immediate effect.”
The statement did not provide reasons for the removal.
15 members of the Rivers State House of Assembly, led by Speaker Martin Amaewhule, have left the Peoples Democratic Party, PDP, for the All Progressives Congress, APC.
Amaewhule disclosed the lawmakers’ decision during Friday’s plenary, attributing their defection to what he called a “clear division” within the PDP.
“Distinguished colleagues, very happily, let me announce that your Speaker has decided, and has indeed written to my ward chairman of my decision, to leave the PDP. APC is my new party,” Amaewhule said.
Amaewhule’s Deputy, Dumle Maol, is one of the 16 lawmakers that joined APC as well.
All the lawmakers, who have jumped ship, are core loyalists of the Minister of the Federal Capital Territory, FCT, Chief Nyesom Wike.
The Central Bank of Nigeria,has rolled out a new framework ito expedite handling of fraud accusations and refund victims.
Customers must report suspected fraudulent transactions within 72 hours under this draft guideline, and financial institutions have 16 working days to look into the matter and repay money.
The action comes in the wake of a dramatic increase in banking sector fraud.
According to data from the Financial Institutions Training Center, losses in the first quarter of 2025 increased to ₦3.29 billion, a startling 603 percent increase over the previous year. In the same time frame, reported cases also increased to 12,347.
The November 26, 2025, proposed regulations seek to improve bank accountability, expedite reimbursements, and boost prevention.
Director of the Financial Policy and Regulation Department Rita Sike signed the circular, which describes stricter regulations intended to prevent fraud before it occurs.
The apex bank’s ongoing fight against financial fraud has advanced with the adoption of this guidance. To enhance cooperation between operators, it established the Nigeria Electronic Fraud Forum in 2011.
It directed banks to establish specialized fraud bureaus four years later. By requiring BVN or NIN for account opening, it reinforced Know Your Customer checks in 2023.
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