Jay Z worked on the song with Pusha T and added his own verses, of course he should receive credit. Jay Z talked about his own experiences of being a drug dealer. I do not see any reason why Jay Z should not receive at least some of the credit for a song he worked on.
Any time an artist puts out a song that is their property but if said artist puts out a song that samples or uses other material from another artist's song or work then they should receive some credit. If Jay-Z put in work on the song or Pusha-T took stuff from Jay-Z's work then Jay-Z should get the credit.
I don't follow rappers. I'm not a huge fan of the genre at all. But that aside, if this was a collaboration between two parties that wanted to make a great hit song, then both parties should get credit for it. Maybe the percentages should reflect each party's input, but if both people put out the effort, then both should get the credit. It's simple, it's fair and it's right.
Jay Z should absolutely receive credit for Pusha T's new song because at the end of the day the song is really originating from him. In spite of the complete lack of talent here, an artist must be compensated for his work, else it opens the door to musical theft.