APC chieftain urges Tinubu to reform pension scheme, end pensioners hardship

A chieftain of the All Progressives Congress in Osun State, Olatunbosun Oyintiloye, has called on President Bola Tinubu to address the challenges facing retirees under the Contributory Pension Scheme.

In a statement on Tuesday, Oyintiloye decried the hardship pensioners endure due to delayed or non-payment of benefits, inadequate funding, and alleged corruption within the scheme.

He recalled that since the enactment of the Pensions Reform Act in 2004, many retirees had been subjected to financial distress, with some receiving as little as 25 to 50 percent of their lump sum after retirement, while others remained unpaid for years.

Commending Tinubu for approving a N758 billion bond in February to clear 16 years of pension liabilities, Oyintiloye, however, insisted that more needed to be done to prevent pensioners from sinking into poverty, illness, and untimely death.

He urged the President to collaborate with the National Assembly to review the 2004 Act, allowing retirees to withdraw their full savings immediately after leaving service and granting them access to free healthcare once they turn 65.

“The contributory pension scheme needs urgent reforms. Due to delayed payments, many retirees struggle to afford decent meals, healthcare, and housing despite serving the nation diligently in their prime,” he said.

Oyintiloye noted that many pensioners suffer from age-related illnesses but cannot afford medication, while some still have dependents relying on them despite their meager earnings.

“President Tinubu has demonstrated his capacity to tackle national challenges. His intervention in this matter will bring relief to pensioners and restore confidence in the system for those still in active service,” he added.