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Relatives Of Deceased Pension Contributors Get N82bn –PenCom

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The National Pension Commission has disclosed that about N82.22billion was paid in death benefits to 10,451 relatives (next of kin) of deceased pension contributors in 2024.
This is according to the latest Pension Industry Information Dashboard.
The figure represents a 40.3 per cent increase from the N58.6billion paid in 2023, affirming the growing financial impact of the pension scheme in providing support for families of deceased contributors.
An analysis of the data shows that death benefits have consistently increased over the years.
In 2020, a total of N31.09bn was paid to 6,731 next of kin, while N42.83billion was disbursed in 2021 to 8,327 beneficiaries.
The figure rose to N59.6billion in 2022, covering 10,631 cases, before reaching N58.6billion in 2023 for 9,836 next of kin.
The latest increase in 2024 follows a rising trend in benefit payments, which suggests higher compliance with the Contributory Pension Scheme and growing awareness among contributors about ensuring their next of kin receive entitlements upon their demise.
In addition to death benefits, total pension payouts across various categories remained substantial in 2024.
The monthly programmed withdrawal scheme, which allows retirees to access funds at regular intervals saw a cumulative N114.5billion disbursed as of Q3 2024.
The retiree life annuity system, which ensures a steady income for pensioners, recorded N689.4billion in premium payments.
Meanwhile, lump-sum payments, which grant retirees a portion of their savings upon retirement, stood at N83.73billion, covering 19,481 retirees in 2024.
The number of retirees opting for lump sums has reduced compared to previous years, indicating a preference for structured withdrawals in line with long-term financial planning.
The pension industry continues to grow, with cumulative pension contributions reaching
Public sector contributions accounted for N5.71trillon (52.1 per cent), while private sector contributions stood at N5.25trillion (47.9 per cent).
The industry also recorded a steady increase in Retirement Savings Account registrations, with 10.54million registered accounts as of Q3 2024.
The year saw 118,339 new RSA registrations, reflecting the growing adoption of the scheme and sustained efforts at pension inclusion.
The Micro Pension Plan, which was introduced in 2019 to cater to workers in the informal sector, also saw increased participation.
By Q3 2024, the total number of micro pension registrations stood at 164,031, with savings reaching N967.19million, an increase of N878.07million from 2020.
The figures highlight the growing recognition of pension security among informal sector workers, despite economic challenges.
The report also shows that payments under accrued rights, which cover pension entitlements for Federal Government employees who were part of the old pension scheme before the CPS was introduced in 2004, remained steady.
A total of N61.71billion was disbursed to 14,873 beneficiaries in 2024, ensuring continued financial support for retirees transitioning to the contributory scheme.
Meanwhile, the RSA transfer system, which allows contributors to switch pension fund administrators once a year, has recorded increased activity.
As at Q3 2024, a total of N1.26trillon had been transferred since inception, with 67,146 RSA transfers recorded in 2024.
The figures suggest greater awareness and competition among pension administrators, as contributors seek better returns and service delivery.
Despite steady growth in pension assets and contributions, economic conditions and inflationary pressures continue to influence the pension industry.

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Independence Anniversary:  Nigeria Is A Failed Grandfather – Monarch 

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A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.

The monarch  stated this in an interview at his palace in Ikuru Town, yesterday.

According to him, Nigeria would have been a  developed country to set the pace in the whole of Africa, considering its numerous resources.

“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.

“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.

“If we’re able to harness all the things we have, even America by now would have respected us”, he  said.

While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.

King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so  far.

He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.

 

“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.

“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.

The monarch used the opportunity to wish Nigeria happy independence anniversary.

By: Enoch Epelle 

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FG begins payment of N32,000 pension increment to retirees – PTAD

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The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.

In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.

Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.

The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.

The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.

In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.

The statement read, “Further to the President’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) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.

“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 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.”

The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.

It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.

The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.

“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.

The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.

Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.

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Nigeria At 65: NOA urges citizens to foster unity, progress

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The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the  nation  as it celebrates 65th independence anniversary.

Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom,  gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.

Mkpoutom said it was essential to recognise that the strength of Nigeria lay  in its diversity

“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.

“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.

“As Akwa Ibom embarks on another year,  it is crucial for all citizens to foster a sense of unity and shared purpose.

“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving  way for a brighter future for all.”

The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.

“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.

He urged everyone to contribute positively to the development of a better society.

Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.

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