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N19.6trn Pension Fund: Labour Opposes FG’s Plans To Undermine Retirement Savings

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The Organised Labour has frowned at the Federal Government’s plan to utilise the N19.66 trillion pension funds for infrastructure development.
This is contained in a joint letter signed by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), which was addressed to the Minister of Finance yesterday in Abuja.
The letter, which was signed by Mr Joe Ajaero, NLC President and Mr Tommy Etim-Okon, TUC Deputy President, was entitled “Leave our Pension Fund Alone:Do not Tamper with Workers’Funds”.
According to Ajaero, the announcement has ignited deep apprehension and unrest among Nigerian workers, who are the primary contributors of these funds.
“We, therefore, urge the government to reconsider its plans to tap into
pension funds and instead explore sustainable financing options that do not
compromise the retirement security of Nigerian workers.
“Organised Labour will resist any action that seeks to undermine the retirement savings of Nigerian workers,” they said.
The letter, however, noted that the government had allegedly accessed nearly 70 per cent of the entire pension funds, adding that it was not merely alarming; it was unacceptable.
It said that Nigerian workers had entrusted their hard-earned savings for retirement security, and not for government projects.
“It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.
“You proposal to further leverage these funds for the purported betterment of housing and infrastructure raises serious concerns about fiscal prudence and responsible governance,”it said.
According to labour, where does the government intend to source the additional N20 trillion it seeks to acquire, especially considering the ambiguity surrounding previous borrowing practices from.
It said the lack of clarity on the matter only fuels skepticism regarding the feasibility and sustainability of the initiative.
“Nigerian workers demand assurances that their retirement funds will not fall victim to further Federal Government borrowing.
“This is especially when the PENCOM Board has not been constituted as enshrined in the statutes.
“One is left to wonder which Board superintends over such discussion with the government. Seeking to borrow from the fund is not backed by the Pension Act,” it said.
It said that this was in spite of the government’s assurances of widespread consultation with major stakeholders in the Pension industry.
It said it was disheartening to note that the NLC and TUC, representing the owners of the entire Pension fund contributions, were not consulted nor informed about the government’s intentions.
“This lack of transparency undermines the sanctity of pension funds, which should be treated with utmost reverence and protection at all times.
“It is incumbent upon the government to prioritise alternative sources of funding
that do not imperil the financial security of Nigerian workers.
“We insist that any initiative aimed at leveraging pension funds for national development must be executed with utmost transparency, accountability, and respect for the rights and interests of workers.
“Furthermore, we strongly oppose the notion of the government engaging in fierce competition with other users of funds in the Pension fund market.
“We remain resolute in our commitment to safeguarding the welfare and interests of workers across the country,” it said.

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FG Ends Passport Production At Multiple Centres After 62 Years

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The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.

Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.

He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.

“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.

He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.

“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.

 “We promised two-week delivery, and we’re now pushing for one week.

“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.

He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.

Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.

He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.

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FAAC Disburses N2.225trn For August, Highest In Nigeria

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The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.

This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.

The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.

Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.

The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.

From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.

From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.

Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.

From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.

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KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus

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The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.

The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.

The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the  Polytechnic, recently.

Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.

He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.

This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly,  Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.

The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.

Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.

He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.

The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.

Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.

 

Chinedu Wosu

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