Business
Trustfund Promises Prompt Payment Of Benefits
Nigerian workers have been promised better service delivery and timely payment of their pension to guarantee a comfortable retirement.
The acting Managing Director, Trustfund Pension Plc, Mrs Helen Da-Souza, gave the promise in Abuja at the interactive session with the Medical and Health Workers Union of Nigeria.
She said that labour should take the driving seat in the entire process of transformation to the new pension scheme in the country as a whole.
Da-Souza told the workers that there were many instances when employers made deductions without remitting.
She explained that the implication of it was that upon retirement, the affected workers might not have the correct amount that was due to them.
She said that labour had a vital role to play in ensuring that the contributions of its members were safe and secured.
“As a major stakeholders and beneficiary of pension schemes, it is our submission that labour should take the driving seat in the entire process of transformation to the new pension scheme in the entire country.
“Those of us presented as workers today are the pensioners of tomorrow.
“We need to remind ourselves of the terrible past in which workers died awaiting their pensions.
“This meeting is to re-echo the great possibilities that we have and the need for unions and the pension managers should work together for a brighter future.’’
The National President of the union, Mr Ayuba Wabba said the meeting was to enable the union address the issues of retirement benefits of its members.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
