The Nation Newspaper

Author: The Nation

  • NERC: 38% of electricity generating plants available

    NERC: 38% of electricity generating plants available

    The Nigerian Electricity Regulatory Commission (NERC) yesterday said only 38 per cent of power generating plants were available for dispatch in December 2025.

    It was an indication that 62 per cent capacity of plants were not available for dispatch.

    Of the 13,625 Mw Installed capacity in the Nigerian Electricity Supply Industry (NESI) in the period under review, only an average of 5,151MW was the available capacity.

    7,0474Mw of the installed capacity was not available for dispatch, according to the December 2025 Factsheet on the Operational Performance of Power Plant, The Nation obtained yesterday.

    NERC noted that the average hourly per generation recorded was 4,367Mw.

    The document said the top 10 largest energy producers accounted for 81 per cent of the total energy generated during the month.

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    The plants were Egbin 1, Delta 1, Kainji 1, Zungeru 1, Afam 2, Shiroro1, Jebba 1, Okapi 1, Ihovbor 2, and Geregu 1.

    Of the the 10 plants, only Zungeru 1 generated 100 per cent of its capacity being 700Mw.

    Ihovbor 2, according to NERC, produced 99 per cent being 459Mw out of 491Mw while Jebba recorded 538MW being 93 per cent of its 578MW.

    The factsheet also said Kainji 1 generated 564Mw of 760Mw, which is 74 per cent of its capacity.

    NERC added that Egbin produced 320Mw of 582MW while Afam 2 generated 115Mw being 18 per cent of its 650Mw capacity.

    Of the 26 power plants in the grid, in the period under review, only 18 were operational.

  • Eko Disco gets MD

    Eko Disco gets MD

    The Eko Electricity Distribution Company (Eko Disco) has appointed Wola Joseph-Condotti as its new Chief Executive Officer following the resignation of Rekhia Momoh, who had led the company for nearly two years.

    Until her appointment, Joseph-Condotti was Group Managing Director and Chief Executive Officer, West Power & Gas Limited, the former core investor in Eko Disco and eight other subsidiaries with diverse interests across the energy sector.

    Her elevation comes at a moment of unusual strategic significance for the electricity distribution company, following a landmark ownership transition and renewed investor interest in Nigeria’s power distribution segment.

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    She is a recognised thought leader in the energy sector, with a strong focus on renewable energy, sustainability, and carbon markets. Prior to her current role, she served as the pioneer Chief, Legal & Company Secretariat at EKEDP, and held various key positions including Head of Regulatory Compliance and Chief Human Resources and Administration Officer.

    Joseph-Condotti holds a law degree from the University of Ibadan, an LLM from Harvard Law School and an MBA from INSEAD Business School.

  • Oil rises to $64 on Iran-related disruptions, Venezuela supply

    Oil rises to $64 on Iran-related disruptions, Venezuela supply

    Brent hit $64 per barrel yesterday as oil prices surged over multiple market-related concerns, including risks of Iran-related supply disruptions and uncertainties over the future of supply in Venezuela returning to focus.

    In the fresh price surge, the Brent price rose to $64.01 per barrel, up 0.7 per cent after closing at $63.55 on Monday. The US benchmark West Texas Intermediate (WTI) was at $59.83 per barrel, up around 0.8 per cent from the previous close of $59.35.

    Reports that the US President Donald Trump has been briefed on options beyond conventional air strikes against Iran, including cyber and psychological operations, amid ongoing protests strengthened geopolitical risk perceptions in the markets.

    Officials said the potential operations could target Iran’s command structure, communications networks and state-controlled media, but stressed that no final decision has been made and that diplomatic channels remain open.

    White House Press Secretary Karoline Leavitt has said Trump’s priority on Iran is diplomacy, while noting that the military option remains on the table.

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    These developments have raised concerns that escalating tensions in the Middle East, home to a significant share of global oil reserves, could disrupt supply, putting upward pressure on prices.

    Trump’s announcement that countries trading with Iran would face a 25% tariff in their trade with the US described as “firm and final” has further increased market uncertainty. Experts warn that such tariffs could heighten the risk of a trade war that may weigh on global growth and reignite inflation.

    Meanwhile, Trump said talks with Caracas were “going very well” following the detention of Venezuelan President Nicolas Maduro, adding that the purchase of 50 million barrels of Venezuelan oil is on the agenda and that $4.2 billion worth of oil is already en route to the US.

    He also said he was dissatisfied with Exxon’s stance on Venezuelan oil projects and was considering excluding the company from oil tenders in the country.

    Experts say these remarks are being interpreted by investors as a sign that Venezuela’s investment environment remains unpredictable and commercial uncertainties persist.

    This could prompt foreign investors to act more cautiously, limiting medium- and long-term production growth expectations and weakening supply growth prospects.

    Concerns over the independence of the US Federal Reserve (Fed) also remain in focus. Former Fed chairs stressed that the central bank’s independence is critical for economic performance, describing the reported “criminal investigation” involving Fed Chair Jerome Powell as an unprecedented attempt to undermine that independence through prosecutorial channels.

    While the market impact of the investigation has so far been limited, analysts expect debates over the Fed’s institutional independence to be among the main themes for financial markets this year.

    Rising concerns over Fed independence are supporting oil prices in the short term, while medium-term gains are being capped by economic uncertainty and risks to the demand outlook.

  • UK investors drive 65%of Nigeria’s foreign inflows

    UK investors drive 65%of Nigeria’s foreign inflows

    Nigeria attracted about 65 per cent of its current foreign capital inflows from United Kingdom investors over the past year, with investments including $7.5million into Babban Gona and $40.5million into Johnvent Industries, the Federal Government has said.

    The Federal Ministry of Industry, Trade and Investment, in the document titled ‘2025: A Defining Year for Nigeria’s Industry, Trade and Investment’, stated that investors from the United Kingdom contributed significantly to the rising investment inflows in the country.

    The document reviewed reforms and outcomes under the Renewed Hope Agenda of President Bola Tinubu. According to the ministry, the strong UK inflows followed the activation of the UK–Nigeria Enhanced Trade and Investment Partnership and broader reforms aimed at restoring investor confidence and improving market access.

     “UK investors now account for approximately 65 per cent of recent inflows, including $7.5million into Babban Gona and $40.5million into Johnvent Industries,” the Minister of Trade & Investment, Jumoke Oduwole, stated. She described the investment growth as evidence of renewed confidence in Nigeria’s reform trajectory.

    The ministry noted that 2025 marked a defining phase in Nigeria’s economic repositioning, as coordinated reforms across investment attraction, trade expansion, and institutional strengthening translated policy intent into measurable outcomes.

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    It noted that Nigeria recorded a decisive turnaround in investment attraction under President Tinubu, with the government responding strategically to global economic headwinds and “clearly signalling that Nigeria is open for business.”

    It added that Nigeria significantly strengthened its investment facilitation architecture during the year, shifting from passive promotion to an active, systems-driven model that reduced information gaps, improved project visibility and enhanced the bankability of investment pipelines.

    As a result, the ministry said four priority projects valued at $13.7billion progressed, representing a conversion rate of over 25 per cent from the $50.8billion worth of signed Memoranda of Understanding.

    “Through structured deal origination, the Federal Ministry of Industry, Trade & Investment (FMITI) has proactively built a de-risked pipeline exceeding $5billon across priority sectors,” the ministry stated, adding that the approach supported investors “from first engagement to firm commitment.”

    The ministry linked the growing UK inflows to sustained bilateral engagements and trade modernisation efforts, noting that Nigeria deepened investment pipelines through high-level missions to the UK and other key economies.

    It said these engagements reshaped investor perceptions and strengthened Nigeria’s relevance within global investment circles, delivering “tangible gains” in deal quality and investor confidence.

    Beyond foreign capital, the ministry highlighted progress in export-led growth, reporting that non-oil exports grew by 21 per cent to $12.8billion in the first half of 2025, nearly double the $6.5billion target.

    The growth contributed to a N12trillion trade surplus in the period, while overall trade value expanded by 14 per cent, driven by targeted trade reforms, improved export processes and increased value addition.

    Nigeria’s leading non-oil exports included cocoa and cocoa derivatives, sesame seeds, cashew nuts, shea butter, ginger, hibiscus flower, rubber, palm oil derivatives, fertilisers, cement and liquefied natural gas.

    The ministry noted that it worked with the Nigerian Export Promotion Council to train 27,352 exporters, certify 200 micro, small and medium enterprises for international trade and support 3,047 farmers through the distribution of hybrid seedlings.

    Furthermore, it stated that Special Economic Zones generated over $500milio in export revenues and created more than 20,000 direct jobs through the Nigerian Export Processing Zones Authority and the Oil and Gas Free Zones Authority.

    On macroeconomic performance, the ministry said bold reforms, including foreign exchange liberalisation, fuel subsidy removal and monetary tightening, helped restore investor confidence.

    It noted that the Nigerian Exchange ranked fifth among the world’s top-performing stock exchanges in 2025 and fourth in Africa, as combined foreign portfolio investment and foreign direct investment reached nearly $14billion between the first quarter and third quarter, surpassing total inflows in 2024.

    Foreign portfolio investment led the recovery, rising to $12.99billion, while foreign direct investment increased by 700 per cent quarter-on-quarter in Q3 2025 to reach $936million year-to-date.

    On domestic capital, the ministry said the Federal Government rolled out investment retention and expansion strategy anchored on Nigerian investors, whom it described as “the first and most enduring vote of confidence in the economy.”

    It cited the hosting of Nigeria’s first Domestic Investors Summit, where 75 per cent of investor issues were resolved on the spot and all were closed within five working days, as a shift from ad-hoc engagement to an execution-driven model.

    Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, also led company visits across manufacturing, agro-processing, electric vehicles and industrial clusters to resolve bottlenecks and support reinvestment.

    The ministry further said Nigeria advanced its leadership under the African Continental Free Trade Area, securing appointment as Co-Champion of the AfCFTA Protocol on Digital Trade alongside Kenya and South Africa.

    Looking ahead, the ministry said it would build on the momentum in 2026 by focusing on execution and verifiable impact, with investor playbooks in priority sectors such as solid minerals, digital trade, the creative economy and climate-smart industrialisation.

    “Collectively, these results affirm that 2025 marked a decisive inflexion point for Nigeria, restoring investor confidence, strengthening competitiveness, expanding exports, and laying the foundation for sustained and inclusive growth,” the ministry stated.

  • NBS to revise inflation reporting after December artificial spike

    NBS to revise inflation reporting after December artificial spike

    Nigeria’s National Bureau of Statistics (NBS) will change the way it calculates inflation as last year’s rebasing measure could make December’s year-on-year inflation appear artificially high, the agency said yesterday.

    The rebasing, the first in 15 years, set December 2024 as the index reference point, a move officials said would distort December data without reflecting actual price trends. December inflation data is due to be published tomorrow. Analysts are predicting a sharp rise in the headline figure to 30 per cent.

    “The widely reported 30 per cent figure for December is only a projection and not from the bureau,” said Ayo Anthony, Head of Prices at NBS. Consumer inflation peaked near 35 per cent in December 2024 before falling sharply after the statistics office revised its base year, and as food prices decelerated.

    “This spike is not the real inflation rate; it is an artificial spike caused by the base effect from rebasing. “We are removing the single-month index reference period and replacing it with a 12-month reference period for 2024 to report actual inflation,” Anthony said.

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    Anthony noted that while countries like South Africa and Kenya use a one-month base, Nigeria’s sharp price increases make that method unsuitable. Prior to last year’s rebasing, Nigeria rebased its inflation data in 2009.

    “We haven’t rebased in 15 years, so some of the base effect playing out is due to that lag,” said Bonaventure Nwosu, Head of Communications at NBS. “Whatever spike you see for December is a one-off and should not be interpreted as real inflation. From January 2026, figures will normalise and reflect actual market conditions.”

    The bureau said the new methodology will provide a clearer picture of inflationary pressures in Africa’s most populous nation.

  • Multipolitan: AI, orbital infrastructure, others reshaping statehood

    Multipolitan: AI, orbital infrastructure, others reshaping statehood

    Emerging technologies such as artificial intelligence (AI), blockchain, the metaverse, and orbital infrastructure are fundamentally reshaping statehood, governance, and citizenship, The Digital State Project, a new report has said.

    The report which was released yesterday during an online media interaction by Multipolitan, a platform for borderless living, noted that as nations confront rapid technological change and rising expectations from digitally native citizens, the report explores a future where governance is no longer bound solely by geography.

    From on-chain citizenship and e-governance protocols to agentic nation states, space sovereignty, and the metaverse as a medium for human connection, The Digital State Project mapped the frontier of what comes next for states and institutions worldwide.

    Speaking on the report, the CEO & Co Founder of Multipolitan, Nirbhay Handa, said: “We will soon log into nations, not just fly into them. For centuries, geography shaped sovereignty. In the digital-first era, sovereignty will be shaped by digital identity systems and the rules that govern them.”

    Across eight contributions, The Digital State   mapped how governance is evolving at the intersection of identity, intelligence, mobility, climate resilience, and space, with Handa exploring how Web3, blockchain-based identity, and digital citizenship are creating borderless systems where belonging is chosen rather than inherited in Nations as a Service.

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    Similarly, James Ellsmoor examined what constitutes statehood when physical territory disappears discussing Tuvalu’s pursuit of safeguarding its sovereignty through digital means Redefining Sovereignty in A Digital World.

    CEO of RNS.ID, William Wang, discussed how Palau’s Digital Residency Program extends sovereign identity beyond geography under Identity without borders.

    CEO of Prestidge Group and OLTAIR and advisor to INTERPOL on metaverse investigations Briar Prestidge,  explored how immersive environments are becoming the next frontier for identity, empathy, and nation branding in Where The Virtual Meets The Human.

    Hrish Lotlikar showed how augmented reality, Web3, and decentralised ownership are transforming cities into interfaces  where creativity, commerce, and culture converge on top of the physical world in Cities As Living Interfaces.

    Oleksandr Bornyakov outlined how Ukraine built one of the world’s most advanced digital governance systems in From Diia To AI-Powered Governance.

    Former CIO of Estonia, Luukas Ilves, described how Ukraine’s AI-driven governance model is setting new standards for how governments can use intelligent agents to automate, anticipate, and personalize public services in From Digital States to Agentic States .

    Multipolitan said The Digital State Project was designed as a toolkit, not a think piece – distilling real-world lessons from leaders already building digital public services, identity systems, and new sovereign infrastructure.

    It is intended to be useful to government leaders and regulators modernizing identity and service delivery; founders and builders designing products for borderless users and compliant ecosystems; and investors and institutions tracking where governance, AI, mobility, and infrastructure converge

    The Digital State Project is produced of Multipolitan explored how technology is reshaping the foundations of governance, identity, and citizenship – asking one central question: What does it mean to be a citizen, a state, or a society in the digital age?

    Headquartered in Singapore, Multipolitan builds freedom infrastructure for globally mobile individuals by combining a product-led immigration platform with a mobility app that makes it simple to live, work, and thrive anywhere. Launched in 2024, Multipolitan was co-founded by Handa, former Group Head at Henley & Partners, and Lee Smith, a serial entrepreneur who previously co-founded payment unicorn Paidy, acquired by PayPal for $2.7 billion.

  • New tax laws promote prosperity, others, says Adedeji

    New tax laws promote prosperity, others, says Adedeji

    The Chairman of the Nigerian Revenue Service (NRS), Zacch Adedeji, has said the new tax laws introduced by the Federal Government are designed to simplify taxation, ease compliance, and promote prosperity for ordinary Nigerians and businesses, contrary to widespread misconceptions surrounding their implementation.

    Speaking during an interview on national television on Tuesday, Adedeji addressed widespread misconceptions and apprehension surrounding the implementation of the Tax Acts, which took effect on January 1, 2026.

    He described the reforms as a landmark fiscal intervention aligned with President Bola Tinubu’s vision of “taxing prosperity, not poverty.”

    “There is so much misinformation around this tax law,” Adedeji said. “The intent of the reform is to harmonise tax collection, modernise administration and simplify compliance. This law is not about taxing more; it is about taxing right and fairly.”

    The new framework comprises four major legislations: the Nigerian Tax Act 2025, the Nigerian Tax Administration Act 2025, the Nigerian Revenue Service Establishment Act 2025, and the Joint Revenue Board Act. According to Adedeji, the laws consolidate over 60 scattered tax legislations into a single framework, making compliance easier for businesses and individuals.

    Read Also: Oshiomhole to Labour: Engage govt on tax laws 

    On the transition from the Federal Inland Revenue Service (FIRS) to the Nigerian Revenue Service, Adedeji said the change represents the fulfilment of a long-standing reform promise.

    “For us, it is a feeling of achievement,” he said. “This reform is in fulfilment of Mr. President’s inaugural promise to remove multiple taxation and create a conducive environment for businesses to grow. We thank the President, the National Assembly and, most importantly, Nigerian taxpayers.”

    Adedeji dismissed calls by some stakeholders for a suspension of the new tax laws, stressing that such demands have no place in a democratic setting.

    “When a law is passed and assented to, it becomes law,” he said. “There is no provision for suspending a law except under a state of emergency or by court order. If we suspend the law, we have no legal basis to collect taxes, and no country can survive without revenue.”

    Addressing criticism from consulting firm KPMG and other commentators, the NRS chairman said engagement and clarification had helped resolve initial concerns.

    “We are not opposed to criticism,” he said. “This is the first major tax reform since independence, so misunderstanding is expected. After engagement, it is clear we are on the same page that this reform is necessary for sustainable growth.”

    On benefits to ordinary Nigerians, Adedeji highlighted exemptions on food and transportation, noting that these account for about 90 per cent of the disposable income of low-income earners.

    “For the common man, this law brings relief,” he said. “Food and transportation are exempted from transactional taxes, and low-income earners will see reduced personal income tax deductions compared to the old regime.”

    He also clarified that the newly introduced development levy is not an additional tax but a consolidation of existing earmarked taxes such as education tax and the police trust fund.

    “It is not a new tax,” Adedeji explained. “It is a consolidation to help businesses plan better and comply more easily.”

    Reassuring Nigerians about fears surrounding bank accounts and tax clearance certificates, Adedeji said all valid certificates remain effective and that no arbitrary deductions would occur.

    “Nigeria has nothing to fear,” he said. “January 1 has come and gone, and none of the rumours have materialised. This law is here to simplify processes, reduce compliance costs and support economic growth.”

    He urged Nigerians to assess the new tax regime based on facts rather than rumours, adding that the ultimate goal is to grow the economy and ensure shared prosperity.

    “When businesses prosper, they employ more people, and prosperity trickles down. That is the spirit and the promise of this reform,” Adedeji said.

  • PTAD: Resolving pensioners’ issues

    PTAD: Resolving pensioners’ issues

    KOLADE: Dear Omobola, my name is Kolade. Kindly look into the issue of N32,000 minimum wage for us who are still on old pension payment.

    PTAD: Dear Kolade, Please be informed that the N32,000 increment will be paid to every pensioner except for some agencies like PHCN, Peoples Bank, NICON Insurance, Nigerian Reinsurance, NITEL, PTI AND Assurance Bank.  Thank you.

    MICHAEL: Dear Omobola, while I commend PTAD for additional token added to my money in my April, 2025 pension, I wish to implore The Nation   to request PTAD to kindly do the needful on nonpayment of my gratuity in which I complained severally but to no avail. Thanks for your good work. PTAD: Dear Mr.

    PTAD: Micheal, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

    SAMUEL: Good day, my name is Samuel. I retired on grade level 9, step 5. My monthly pension is N17000 but has been reduced to N9000. Please I will like to know why. I am alive.

    PTAD: Dear Mr. Samuel, please note, according to the record available to us you’re on your rightful pension payment. And for your gratuity from our record, your retirement date was September 21, 1993. Therefore, your gratuity should be paid or has been paid by the state government. However, you can scan and send your bank statement six months before your retirement to date to enable us investigate and respond further. Thank you

    ADEREMI: Dear Omobola, my name is Aderemi. The reply of PTAD to my complaint which was published on the March 12, 2O25 was correct. Truly PTAD called me and asked me of my account details. The person that called me said that the account did not show my name. He also asked for some other information but I was unable to respond as my documents were not with me and I didn’t know them offhand. He promised to call the next day but he has not called back.

    PTAD: Dear Mr, Aderami, Kindly note that we placed several calls to you, but were unable to get through as your phone was not answered. You can reach us via 02094621700 for clarification and resolution. Thank you.

    OJO: Dear Omobola, I was once a Heritage bank customer at Ado Ekiti. I am one of those who were not paid their pension since May. I sent a message to you with all my particulars. Please, I am waiting for your help. Ojo from Ado Ekiti.

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    PTAD: Dear Mr. Ojo we are not in receipt of your new bank statement from UBA as we discussed with you and your daughter on the phone. Thank you.

    SAMSON: Good day, I am Samson. I am an Ondo State pensioner with federal share. I will like to remind PTAD that I have not received my pension for the month. The late payment of my monthly pension is now becoming a regular occurrence and this is having a negative effect  on the good image of PTAD. Kindly make amends.

    PTAD: Dear Mr. Samson, please be informed that you’re currently on our payroll and you have been paid. Kindly go to your bank and get your bank statement from April 2025 to date. Thank you.

    ANNONYMOUS: Good day, please, save my soul. I have no other hope. I have not received my pension. The late payment of my monthly pension is now becoming a regular occurrence and this is not good for PTAD’s image.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. Thank you.

  • What you need to know about ‘I am Alive Confirmation’

    What you need to know about ‘I am Alive Confirmation’

    I have been verified by PTAD; do I still need to participate in the ‘I AM ALIVE exercise’?

    Yes. I AM ALIVE confirmation is to routinely confirm pensioners’ status of aliveness and ensure continued payment of monthly pension.

    While trying to input my pensioners’ number, the system shows the host service is not available?

    Internet connectivity may not have been established. Please try again.

    On inputting my pensioner number, the system did not recognise the number and I could go no further?

    Please check your pensioner number again to ensure that you are inputting all required numbers and letters correctly. If you are still unable to proceed please call back to register a complaint.

    I have entered my PTAD verification number and account number and the system showed a different pensioner’s picture?

    Very unlikely, unless you may have inputted the wrong numbers.

    I have entered my PTAD verification number and account number but my picture could not be validated?

    If you keep trying without success, please use the fingerprint option. We may need to update your picture on the database.

    I have entered my PTAD verification number and account number. I also captured my picture but I could not go beyond face detection.

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    The picture you have taken is not clear, move to a place with good overhead lighting and ensure that the light is in front of your face or directly above your head then retake.

    I did not receive a text message after completing the I AM ALIVE confirmation?

    You may have provided a different phone number to PTAD at verification. Please provide the number used during verification. Otherwise request an update of your profile.

    I changed my phone number after my last verification with PTAD, will it affect my ability to do I AM ALIVE?

    You will not receive a text message. Please inform PTAD of your new phone number to update your file on the database.

    I was logged out while in the process of carrying out the I AM ALIVE?

    Internet connectivity issues, please try again.

    After completing all the process, it shows fail or error?

    Internet connectivity, please try again.

    How many times do I have to repeat I AM ALIVE CONFIRMATION in a month or a year?

    Confirmation will be routine annually. After each successful confirmation, you will be notified by text of your next due date

    Can I do I AM ALIVE CONFIRMATION from another site apart from through PTAD website?

    Yes. You can also log on to https://iamalive.ptad.gov.ng

  • 2026 Budget: Pension gets N10.8trillion, insurance N17.3b

    2026 Budget: Pension gets N10.8trillion, insurance N17.3b

    The 2026 federal budget has revealed fresh insights into how Nigeria plans to support its insurance and pension sectors, with clear emphasis on pension obligations, while insurance appears to remain on the margins of fiscal attention.

    This has raised concerns among industry experts over the long-term impact of underinvestment in risk protection and financial inclusion.

    According to budget documents analysed by The Nation, the government allocated N17.3 billion for group life insurance to cover federal workers and NYSC members, a statutory requirement under the Pension Reform Act.

    However, stakeholders say the allocation reflects compliance rather than strategic growth in a sector critical for national resilience.

    In contrast, the pension sector commands a far larger slice of the 2026 budget, with N10.75 trillion projected for personnel costs, including pensions and gratuities. Of this, about 1.4 trillion is tied to direct pension benefits, showing the government’s ongoing commitment to meeting retiree obligations.

    The National Pension Commission (PenCom) is also expected to implement the approved N32,000 minimum pension for retirees and resolve outstanding liabilities, including those from legacy schemes. Efforts to harmonise data and expand coverage continue under PenCom’s digital transformation programme.

    Despite these strides, the insurance sector remains underfunded and underutilised as a tool for public safety and economic protection.

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    Experts have flagged the absence of any major provision for risk education, disaster cover, or support for high-risk sectors such as markets and SMEs.

    “This is a missed opportunity,” said a financial analyst, Rotimi Opeyemi. “Insurance plays a vital role in fire recovery, business continuity, and protecting lives especially in a country facing climate, health, and economic risks. Budgeting should reflect that.”

    Worse still, insurance penetration in Nigeria remains below one per cent, with fewer than 2 million individuals and businesses covered in a population of over 200 million.

    Another analyst, Mrs. Patience Obineme blame poor awareness, low trust, and lack of government leadership in expanding access.

    Meanwhile, PenCom is preparing to launch a new health insurance scheme for pensioners named PenComCare this year. Though funding specifics were not detailed, the initiative signals a shift toward holistic retiree welfare beyond monthly stipends.

    The experts have however called for policy realignment this year to ensure both pensions and insurance are treated as pillars of national stability.

    Without this, millions may remain vulnerable to shocks and financially excluded in the moments they need protection most.