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  • FG rolls out enhanced medical support amid veterans’ calls for pension increase

    FG rolls out enhanced medical support amid veterans’ calls for pension increase

    The Federal Government has rolled out enhanced medical support for military veterans, aiming to improve their healthcare access and overall welfare.

    This comes amid calls for an upward review of pensions and gratuities, with retirees citing the rising cost of living, fuel price hikes, and transportation challenges.

    The intervention was unveiled during a medical outreach organised for veterans as part of activities marking the 2026 Armed Forces Celebration and Remembrance Day (AFCRD), held on Wednesday in Abuja.

    Speaking at the event, the Permanent Secretary, Ministry of Defence, Richard Pheelangwa, reaffirmed the government’s commitment to the welfare and wellbeing of ex-service personnel.

    Pheelangwa said the outreach was designed to support veterans, particularly those who could no longer adequately cater for their health needs.

    “This is essentially our way of giving back to society by reaching out to veterans who are unable to care for themselves,” he said.

    Pheelangwa explained that the outreach was not limited to Abuja, noting that similar exercises had been conducted in several locations nationwide to maximise impact.

    According to him, AFCRD is an annual event, and while the current outreach is tied to the 2026 celebration, other institutional mechanisms remain in place to address veterans’ long-term welfare.

    He disclosed that veterans could access lifelong medical care through accredited Health Maintenance Organisations (HMOs) upon proper registration.

    “Once veterans are registered with the HMO, they are entitled to medical facilities for life,” Pheelangwa said.

    The National Chairman of the Nigerian Legion, Grace Henry, clarified issues surrounding healthcare coverage for veterans, describing the outreach as symbolic and critical to their wellbeing.

    Henry explained that access to free medical treatment required registration with the Defence Health Maintenance Organisation (DHMO), through which a unique identification number is generated and used at approved hospitals.

    She noted that medical bills incurred outside designated hospitals would not be covered, adding that where approved coverage proved insufficient, affected veterans could apply for refunds through the scheme, which would be forwarded to the Ministry of Defence for consideration.

    Henry said honourably retired personnel, including their spouses, were entitled to healthcare benefits, stressing that only those dismissed from service were excluded.

    She said the Legion has engaged the Federal Ministry of Agriculture to secure subsidised farm inputs and implements for veterans involved in agriculture.

    “We have applied with the ministry and discussions are ongoing. Farming is a key area we are advocating for, and we are hopeful of positive outcomes,” she said.

    Sharing his post-retirement experiences and expectations, a retired Master Warrant Officer of the Nigerian Air Force, Emmanuel Waniko, called for an upward review of pensions and gratuities, citing inflation, fuel price hikes and rising transportation costs.

    Waniko said while access to healthcare had improved through recent interventions, housing support for retirees remained largely absent.

    He said he took up farming after retirement, urging government support for veteran farmers through subsidised fertiliser, agro-chemicals and farm machinery, noting that high input costs were eroding the value of pensions.

    Another retiree, Magaji Abdallah, a retired Master Warrant Officer of the Nigerian Army, commended government initiatives, particularly the electronic pension verification process, which he described as stress-free and effective.

    “You can do it from the comfort of your home, even from the village, without travelling long distances or queuing for days,” he said.

    Abdallah, however, appealed for improved housing policies for retirees and expanded healthcare coverage to include drugs not currently captured under existing schemes.

    The veterans expressed appreciation for the medical outreach, while urging sustained reforms and stronger inter-agency collaboration to improve their quality of life and honour their years of service to the nation.

    The medical outreach featured free eye checks, High Blood Pressure test and distribution of free test devices as well as treatment and referral for other ailments.

    The outreach also involved distribution of 25kg bags of rice to about 100 beneficiaries.

  • 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.

  • Pension funds in subtle shift to corporate bonds, private equity

    Pension funds in subtle shift to corporate bonds, private equity

    For the first time in years, pension funds administrators (PFAs) are making noticeable moves away from their traditionally heavy concentration in Federal Government securities, signaling a subtle but significant shift in portfolio strategy.

    While Federal Government’s instruments still dominate, soaking up N15.75 trillion or roughly 60 per cent of all pension funds in the period under review, PenCom data for the period ended September 30, 2025 showed accelerated diversification by Pension Fund Adminstrators (PFAs) into corporate bonds, real estate, private equity and infrastructure funds.

    The shift from heavy concentration in Federal Government securities was against the average 70 per cent concentration and investment before now by the PFAs.

    This was shown in the National Pension Commission (PenCom) report titled: “Unaudited Report on Pension Funds Industry Portfolio for the Period Ended 30 September 2025.

    Meanwhile, Nigeria’s pension industry has crossed a major financial milestone, rising through the N26 trillion mark for the first time in history, according to the National Pension Commission’s (PenCom) unaudited portfolio report for the period ended 30 September 2025.

    With total assets rising to N26.09 trillion, the pension sector added N194.17 billion in just three months, a surge that reflects both investor confidence and a silent, strategic realignment by Pension Fund Administrators (PFAs) seeking better returns for millions of Nigerian workers.

    Going by the shift from heavy concentration in Federal Government Securities, the report showed that Domestic Equities surged to N3.66 trillion, boosted by renewed investor sentiment in the capital market, while foreign equity holdings hit N277.49 billion despite continued foreign exchange tightness.

    Findings, however, show that PFAs are cautiously returning to the stock market after months of volatility, a move that could inject fresh liquidity into Nigerian equities in the months ahead.

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    Beside, Corporate Debt holdings in the report climbed to N2.24 trillion, their highest level yet, signaling renewed confidence in private sector creditworthiness and the growing appeal of infrastructure-linked instruments.

    Real Estate, Private Equity and Infrastructure Funds gain traction standing at N243.35 billion, N260.53 billion and N240.39 billion consecutively.

    REITs and Mutual Funds on the other hand combined for N317.09 billion.

    This deepening presence in alternative assets marks the clearest sign that PFAs are preparing for a long-term battle against inflation by tapping asset classes with stronger real-return potential.

    Few months ago, the PenCom’s Director-General, Omolara Oloworaran expressed displeasure on overconcentration in FGN securities by PFAs, noting that plans are on diversifying pension fund investments into private equities and among other investment that would withstand inflation on pension funds.

    Speaking at a PFAs’ Board Strategy & Risk Committees workshop, Oloworaran revealed that 62 percent of pension assets then estimated at N24.11trillion were invested in FGN instruments even as less than three percent had been deployed into alternative assets like infrastructure and private equity.

    She stated that too much investment in Government Bonds is not enough in growth and sounded alarm on pension fund risks.

    She said Nigeria’s pension funds remain dangerously overexposed to Federal Government securities, and unless action is taken now, contributor savings may not be positioned to deliver strong real-returns in a volatile economy.

    The misperception of safety with liquidity has limited the ability of PFAs to optimally deploy pension funds under their management,” she said, calling on PFAs to rethink what “safety” really means.

    According to Oloworaran, the longstanding reliance on government bonds while historically justified is no longer sufficient in Nigeria’s current macroeconomic climate.

    She argued that the rising cost of living, sharp currency movements, and weakening purchasing power of Retirement Savings Account (RSA) holders demand a more “dynamic and resilient” investment strategy.

    She emphasized that too much concentration in sovereign debt is a “single basket” risk, and diversification is essential to stabilize returns over time.

    To address this imbalance, Oloworaran said she is advocating for a realignment of pension funds toward alternative, higher-yielding asset classes:

    She supports increasing the regulatory cap on how much PFAs can invest in infrastructure and private equity, arguing that more headroom is needed for long-term savings to benefit both contributors and the economy.

    Rather than backing only subsidised government projects, PenCom under her watch wants pension assets to finance commercially viable infrastructure. These could include roads, power, and energy projects not just social housing.

    She urged PFAs’ Risk and Strategy committees to deepen their vigilance: “Scenario analyses must be robust,” she said, and decision-making must be informed by sound risk assessments and proper governance.

    With her bold call to loosen the grip on government bonds, Oloworaran is signaling a paradigm shift that seems to have started with the September 2025 report.

  • ‘Pension payments under CPS now pay-as-you-go’

    ‘Pension payments under CPS now pay-as-you-go’

    All Federal Government workers retiring this year will be paid their pension benefits on or before December 15, 2025.

    Besides, retirees now receive pension benefits on a pay as you go basis as they are be paid the immediately they retire.

    The Director-General PenCom Ms. Omolola Oloworaran, said these achievement were made possible by President Bola Tinubu’s interventions on pension matters in the country.

    She spoke yesterday at the ongoing two-day sensitization, enlightenment workshop on working of Contributory Pension Scheme (CPS) for Pension Desk Officers (PDOs) in Lagos organised by PenCom in collaboration with the National Salaries, Incomes & Wages Commission.

    Oloworaran disclosed that approval has been secured for the issuance of ₦758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007.

    She stressed that this bold step also by made possible by the President will bring much-needed relief to vulnerable pensioners and restore confidence in the system.

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    She said PenCom has also reformed the Additional Voluntary Contribution (AVC), which is now operated under the recently unveiled Personal Pension Plan (PPP).

    She stated that workers can now make pension contributions directly into their Retirement Savings Accounts (RSAs) without going through their employers.

    Furthermore, she said they have collaborated with the Office of the Head of the Civil Service to develop a framework to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

    She however said while the CPS has achieved much, challenges remain, stating that coverage expansion is still limited, with several States and employers yet to fully comply. Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system, she added

    She said: “Over the last two decades, the CPS has rewritten Nigeria’s pension story. We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness.

    “Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

     “Pension assets have grown to over ₦25 trillion, fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees. In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.”

    Listing other interventions, she said: “There has been enhanced pensions for over 241,000 retirees, representing 80per cent of those under Programmed Withdrawal. Monthly pensions rose from ₦12.157 billion to ₦14.837 billion, effective June 2025.

    “There is now Zero Waiting Time for Pension Payments. Since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.”

    She revealed that later this year, PenCom would be focusing on pensioners in lower-income categories, and would be providing them health insurance to ensure dignity and security beyond financial pensions.

  • Know your pension status, others

    Know your pension status, others

    What is the qualifying length of service for Pension and Gratuity?

    The qualifying length of service for gratuity is now five years, while pension is 10 years with effect from June 1, 1992. Before then, the qualifying length of service for gratuity and pension was 10 and 15 years respectively. An officer who retires voluntarily after qualifying years of service cannot draw pension until he attains the age of 45.

    What are the circumstances under which Pension and Gratuity may be granted?

    Section 3 (1) and (2) of the Pension Decree No. 102 of 1979 stipulates the circumstances under which pension and gratuity may be granted are on voluntary retirement or withdrawal after qualifying years of service; statutory retirement where the officer attains the statutory age of 60 years or has worked for 35 years on a pensionable appointment; compulsory retirement on the advice of a properly constituted Medical Board certifying that the officer is no longer mentally or physically capable of carrying out the functions of his office; total permanent disability while in service; or on abolition of office under section 7 of Pension Decree No. 102 of 1979 Judicial Officers of the Supreme Court and Court of Appeal.

    What is the guaranteed period for pension?

    Five years is the guaranteed period for pension under the Defined Benefit Scheme (DBS). A pensioner who retires and he is qualified for pension is to earn pension for life but where the pensioner dies less than five years after his retirement, the balance of five-year guaranteed pension will be paid to his Next of Kin (NOK) on voluntary retirement or withdrawal after qualifying years of service.

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    Why is verification necessary?

    It is necessary for PTAD to carry out Verification Exercise to ascertain the proof of life and create a credible database of all pensioners under the Defined Benefit Scheme (DBS). PTAD did not inherit a credible pensioners’ database, there is therefore an urgent need to verify all pensioners under the DBS to enable PTAD resolve their complaints.

    The verification of pensioners is aimed at the establishment of an accurate, credible, and digitised database of pensioners under DBS and for complaint resolution; eliminating duplicate payments and ghost pensioners; regularising anomalies such as over payments and under payments; obtaining relevant work records to ensure accurate computation of pension payment; updating the records of the Next Of Kin (NOK) for payment of death benefit.

    What documents are needed for verification?

    Documents required for verification may vary from one pension group to another. For parastatal pensioners, a pensioner needs Letter of First Appointment, Letter of Confirmation; Letter of Last Promotion; Approved Letter of Retirement; Evidence of Change of Name (where applicable); Evidence of Transfer of Service where applicable; BVN Registration Slip (stamped and signed by the bank; Original and Stamped Bank Statement for the last one month; Valid means of Identification like Driving Licence, Int’l Passport, National ID Card or Voters Registration Card; Due Pensioners Birth Certificate/Sworn Affidavit of Age; and Disengaged Retirees Evidence of Payment of Gratuity/ Severance Pay Slip

    Civil Service Pensioners are required to present Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Letter/Notice of retirement approved by a competent Authority; Severance Pay slip(Disengaged Retirees only); Evidence of change of name (Where applicable); Duly stamped and signed NUBAN Bank statement on the Bank letterhead from period of retirement or date from which complaint was made till date; Computation Sheet duly stamped and signed by The state Auditor (State Pensioners with Federal Share); Birth Certificate/Age Declaration (Due Pensioners only); 1 coloured Passport Photograph; and Approval Letter of Merger/Condonation from Head of service OHCF (For those who merged their service).

    Customs, Immigration and Prisons Pensioners are to present Letter/Gazette of 1st appointment; Letter/Gazette of confirmation of appointment; Letter/Gazette of last Promotion; Original Stamped & Signed Bank; Approval Letter of Merger/Condonation of Service (Where Applicable); Evidence of Change of Name (Where applicable); Birth Certificate/Age Declaration (Due Pensioners only); Letter/Acceptance of Retirement; Severance Pay Slip(For Downsized Officers); and Identity Card

    Police Pensioners are to resend Letter of Enlistment; Letter of Approval of Retirement; Pension Advice; Letter of Merger of Service (for demoted officers); Current Bank Statement; Letter of Identification/Introduction; Letter/Gazette of confirmation; Letter/Gazette of last Promotion; Identity Card.

  • Pension assets rose to N26 trillion in August

    Pension assets rose to N26 trillion in August

    • FGN Securities holds N15.8 trillion

    Nigeria’s pension assets under the management of Pension Fund Administration (PFA) and supervision of the National Pension Commission (PenCom) has grown by N97.88 billion between July and August 2025, reaching N25.895 trillion, or about 0.38per cent month‑on‑month.

    The total net asset value of pension funds stood at N25.895 trillion in August, up modestly from N25.797 trillion recorded in July, with pension sector demonstrating both resilience and strategic progress.

    Key insights from PenCom Monthly Industry Summary August 2025 shows  that while the gain signals continuity, it masks stress as Fund I and Fund II of the asset both posted declines of N10.185 billion and N8.104 billion respectively.

    These figures confirm that even the more conservative portions of pension portfolios are susceptible to market volatility.

    Meanwhile, dominant exposure to FGN securities, and rising allocations in infrastructure, real estate, and private equity, reflect a cautious yet diversified strategy.

    Going by the report, this incremental growth of N97.9 billion signals that the system remains resilient even as macroeconomic headwinds and regulatory demands press upon it.

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    Moreover, the Retirement Savings Account (RSA) membership at 10,882,661 contributors seems to testify that Nigerians are embracing the scheme daily.

    Yet, the report also reveals pressure points. In several fund tiers, there were negative movements in value as Fund I shrank by N10.185 billion and Fund II decreased by N8.104 billion

    The August 2025 summary suggests that Nigeria’s pension industry is not collapsing—it’s adapting. The system shows resilience, but with cracks that need repair.

    As we move deeper into 2025 and beyond, performance alone won’t win trust—*consistency, transparency, and accountability* will. If the industry delivers also where data is now scarce, the pension ecosystem stands to become a pillar of financial stability rather than just a safety net.

    A closer look at asset class allocations showed that FGN Securities remain the backbone of pension portfolios, with holdings amounting to over N15.8 trillion across all funds.

    Domestic equities holdings, while significant at N3.607 trillion), reflect careful balance.

    On the other hand, Corporate debt, money market instruments, and real estate also feature meaningfully in portfolios.  

  • 844,000 retirees receiving retirement benefits, says Pension Commission

    844,000 retirees receiving retirement benefits, says Pension Commission

    Director General, National Pension Commission (PenCom), Omolola Oloworaran disclosed that Pension assets have grown over N25 trillion fueling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

     She noted that in total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent. Presently, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

    Oloworaran who was represented by the Acting Commissioner Technical PenCom, Hafiz Kawo Ibrahim disclosed this at the Stakeholders Conference on the working of the Contributory Pension Scheme, CPS in Abuja, stating that reform is a continuous journey, and in line with the commission mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives.

      She outlined these interventions as, “Pension Boost 1.0, enhancing pensions for over 241,000 retirees, representing 80 per cent of those under Programmed Withdrawal. Monthly pensions rising from N12.157 billion to N14.837 billion, effective June 2025. Since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligning with monthly salary releases from the Ministry of Finance.

    “The reintroduction of gratuity for civil servants working with the Office of the Head of the Civil Service, with a framework being developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014. FGN Bond Issuance for Pension Liabilities  approval has been secured for the issuance of ₦758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007.

    This bold step by President Bola Ahmed Tinubu deserves commendation, as it will bring much-needed relief to vulnerable pensioners and restore confidence in the system.

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        “A Stronger Prudential Standards for Operators,  minimum capital and governance requirements for Pension Fund Administrators (PFAs) and custodians have been revised to ensure greater financial stability, service delivery, and technological resilience. The Issuance of Five New Regulations under the Pension Revolution 2.0 initiative, including:

        Whistle Blowing Guidelines for Pension Fund Assets, revised regulation on investment of Pension Fund Assets”.

        She explained the Introduction of Free Health Insurance for Retirees, stating that it will begin later this year,  starting with pensioners in lower-income categories and ensuring dignity and security beyond financial pensions, even though the CPS has achieved much, challenges remain. Coverage expansion is still limited, with several States and employers yet to fully comply. Public skepticism, often shaped by painful experiences of the past, continues to undermine trust in the system she said.

        Speaking, the Chairman National Salaries Incomes and Wages Commission, Mr. Ekpo Nta said the 1999 constitution provided in section 173(13) states that pension shall be reviewed every five years or together with any salary civil service review. This he said is based on the pension constitution that gave it power to examine the current rate of retirement benefits and recommend appropriate measures.

  • Directorate implements N32,000 pension hike

    Directorate implements N32,000 pension hike

    • •Fed Govt. releases N20.188billion

    Pensioners under the Defined Benefit Pension Scheme (DBS) can now smile to the bank as the Pension Transitional Arrangement Directorate (PTAD) began the payment of N32,000, 10.66 per cent and 12.95per cent pension increment in the September 2025 pension payroll cycle.

    This followed the President Bola Ahmed Tinubu’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for pensioners under the Defined Benefit Pension Scheme (DBS).

    The directorate was able to secure a partial release of N20.188 billion from the N45 billion approved by the President.

    The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya made this known in a statement obtained by The Nation.

    She said: “This achievement has been made possible through the partial release of N20.188 billion, by the Federal Ministry of Finance, from the initial N45 billion emergency funding approval granted by the Federal Government. This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS pensioners in line with the Renewed Hope Agenda.

    “PTAD expresses profound appreciation to the President, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, for approving the emergency funding allocation to implement the pension increments as well as other landmark reforms that are certain to enhance the welfare of the beneficiaries and redefine the future of the Defined Benefit Scheme (DBS) pension administration.

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    “We also acknowledge the unflinching support of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of State for Finance, Dr. Doris Uzoka-Anite; Chief of Staff to the President, Hon. Femi Gbajabiamila; Special Adviser to the President on Revenue, Dr Zacch A. Adedeji; the Accountant-General of the Federation, Mr. Shamseldeen B. Ogunjimi, the Senate Committee on Establishment & Public Service, the House Committee on Pensions, and other stakeholders too numerous to mention. Their commitment, timely interventions, tireless disposition, partnership and coordinated efforts have been instrumental in ensuring that this day, when the DBS Pensioners will begin to enjoy this enhanced pension payment, is realised”.

    She expressed appreciation to the national leadership of the Nigeria Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN), for their cooperation, understanding, constructive discussion, collaboration and perseverance while the Executive Secretary and Management of PTAD worked diligently to secure the release of funds.

    Odunaiya further assured all DBS pensioners and stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfillment of all future obligations relating to the pension increments and the landmark reforms.

  • Southwest retired top civil servants urge governors to tackle pension woes, poverty, insecurity

    Southwest retired top civil servants urge governors to tackle pension woes, poverty, insecurity

    The Association of Retired Heads of Service and Permanent Secretaries in the South-West has urged governors in the region to urgently confront the mounting challenges facing their people, particularly pensioners.

    The group also called on the governors to address unemployment, poverty, food insecurity, infrastructural decay, and other pressing issues to restore public trust in governance.

    Speaking at the association’s Annual General Meeting in Akure, Ondo State, President, Mrs. Grace Ajayi, decried the growing hardship and warned that public faith in governance was steadily eroding.

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    “Amid diminishing opportunities for retirees, the welfare of pensioners must be urgently addressed. Many retirees struggle with economic hardship. We demand prompt payment of entitlements, harmonisation of pension benefits, and, indeed, a systemic reform of the pension regime.

    “We appeal to all South-West governors to rejig the civil service, traditionally considered the engine room of governance, by eliminating dysfunctionality and restoring efficiency to meet the people’s needs,” she said.

    Mrs Ajayi further stressed the need for regional collaboration, noting that the success of the South-West Security Network, popularly known as Amotekun, had shown what unity could achieve.

    According to her, the same model should be replicated in tackling challenges in transportation, education, healthcare, infrastructure development, food security, unemployment, and youth restiveness.

    “Our association stands ready to support these initiatives,” she added.

    Declaring the meeting open, Governor Lucky Aiyedatiwa described the association as a noble and credible body that has made significant contributions to development in the South-West.

    Represented by his Chief of Staff, Segun Omojuwa, the governor lauded the group for its continued relevance and input in governance.

    “Your members have undoubtedly played key roles in shaping government policies and programmes. You have offered your wealth of experience and institutional capacity to positively influence policy formulation and transformative development across the South-West.

    “I congratulate the leadership and members of this noble association for remaining vibrant after disengagement from active public service. Even though you have retired, you are not tired,” Aiyedatiwa said.

  • Youths constitute 82per cent of new pension enrollees

    Youths constitute 82per cent of new pension enrollees

    Younger Nigerians constitute over 82 per cent of new enrollees in the Contributory Pension Scheme (CPS) in the first quarter 2025.

    At the same time, the pension industry’s Net Asset Value (NAV) grew by N816 billion, representing a 3.63 per cent increase from N22.51 trillion in fourth quarter 2024 to N23.33 trillion at the end of March 2025.

    Director-General, National Pension Commission (PenCom), Ms Omolola Oloworaran made this known in the commission’s first quarter 2025 report.

    According to her, the total number of Retirement Savings Accounts (RSAs) increased from 10.58 million in fourth quarter 2024 to 10.69 million in first quarter 2025, reflecting the registration of 105,993 new RSAs during the period.

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    She attributed the growth to largely rising pension awareness among younger Nigerians, whom she said constituted over 82 percent of new enrollees, alongside sustained stakeholder sensitisation efforts and strengthened regulatory enforcement.

    She also said the growth in net asset value was driven by regular contribution inflows, gains in the equities market, and improved yields from fixed-income investments.

    On expansion of the Micro Pension Plan, Oloworaran disclosed that the plan recorded measurable progress during the quarter, with 13,889 new contributors registered by 15 pension fund administrators (PFAs), bringing the cumulative number of micro pension contributors (MPCs) to 186,825.

    Total contributions under the MPP, she said stood at N111.27 million, while contingent withdrawals of N4.73 million were processed for 17 contributors.

    She further stated that in first quarter 2025, total pension contributions stood at N389.17 billion, comprising N185.93 billion or 52.22 per cent from the public sector and N203.24 billion or 47.78 per cent from the private sector.