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Pension Funds: The Untold Story

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The sharp disagreement in Enugu state now over the pension scheme funds has raised fundamental issues as to the exact percentage of a civil servant’s salary that should be deducted to fund the national contributory pension scheme.

In a bill to the state House of Assembly for the implementation of the scheme, the state government wants a 50/50 contribution with the government, a proposal that has kicked up dust among the stakeholders, especially labour unions.

Commenting on the matter during a public debate on the bill, Chudi Onah, representing the Trade Union Congress, said his union would not want the bill to be passed as presently constituted where the workers are to pay 50/50 pensions contributions with the state government, and insisted that government should pay 18% and workers five per cent.

In the past, an average retired civil servant literally wailed over the non-payment of his pension and gratuities. There were confirmed reports that some retired workers even died before their entitlements could be paid.

Apparently worried by public outcry, the Olusegun Obasanjo administration established the National Pension Commission (PENCO), with an Act by the erstwhile National Assembly, in order to give legal teeth to the commission. This was greeted with applause by the general public, especially the retirees.

Indeed, the contributions of Nigerian workers and employers to the contributory pension scheme now stand at over N84 billion, according to Dr Kabir Ahmed, Director-General of the pension commission.

Delivering a lecture entitled “Poverty Reduction, Social Security and Pensions Reform in Nigeria,” Dr Ahmed said the figure was the accumulated contributions as at now, and expressed happiness that with the pension scheme, the country has been able to build a pool of long-term financial resources.

Said he: “Pension funds play a key role in mobilising long-term funds which have contributed significantly in providing the base for capital formation investment that could spur economic growth in Nigeria,” He, however, noted that the resources (funds) so far mobilised were still in search of attractive investment opportunities.

But it is rather unfortunate that some states (such as Enugu) are yet to implement the pension scheme in spite of the awareness campaigns mounted by the federal authorities, thus hanging the fate of their retired staff in the balance.

This is said, to say the least! Worse still, a section of the private sector had also reportedly refused to implement the National Pension Scheme, for some inexplicable reasons, an attitude that is giving concern to the authorities of the commission, in view of the anticipated plights of the retired staff of such firms.

It is, therefore, imperative to ask the federal government to wade into the issue and prevail on such defaulting state governments and firms to implement the pension scheme, in order to lay a good foundation for their retired staff.

Agreed, there had been fears over the ‘safety’ of the funds so far contributed to the scheme. But the provisions of the Pension Act, squarely allay such fears, especially the various levels of risk involved in the management of the contributed funds.

Again, the federal authorities should rise to the occasion and direct some of the contributors (state governments) to remit promptly, their contributions to the contributory pension scheme. That way, the future of the retired staff would be assured.

Suffice it to say that one such way to implement the National Pension Scheme is for the National Assembly to step into the matter. This, it could do, by directing the committee concerned to work with the management of the National Pensions Commission.

That way, the committee would be able to identify the defaulting state governments, as well as a section of the private sector, and thereafter, roll out sanctions against such recalcitrant states and firms.

The future of the Nigerian retired worker must be protected and assured, no matter whose ox is gored. Yes, time has come when a retired worker should smile home rather than cry home. The contributions by employers of labour to the pension scheme, appears to be the only sure way.

All said, but when shall we stop to weep for the nation’s retirees for not getting their entitlements years after retirement from active service. Their plight must end one day!

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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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