Business
Pensioners Want 53% Increment Implementation
The Nigeria Union of Pensioners (NUP) in Abuja appealed to
the Federal Government for the implementation of the circular on the 53 per
cent increment of their pensions, among other things.
The union, led by National Chairman, NUP Sectoral Unit
Headquarters, Mr Peter Ahmodu, made the appeal during a visit to Chairman, National Income, Salaries and Wages
Commission, Dr Richard Egbule.
He said that the reason for their visit was to establish
their dissatisfaction with the Federal Government over the non implementation
of the circular on 53 per cent increment, the 18 per cent minimum wage and
monitisation for workers.
Ahmodu said the retirees all depended on the pension to survive
and cater for their families, adding that no matter the situation in the
country, they deserved better treatment and respect.
He said the union could not go on strike like the civil and
public servants because they are retirees, adding that protest was not the only
way to request the Federal Government to give them their rights.
“We are asking for the review and the release of the
circular for the 53 per cent and the minimum wage saga that has been on for a
long time because many of us had died without benefiting from it due to the
long processes.
“We are here today, since the commission is in charge of
interpreting and releasing of circulars by the Federal Government, it’s the
right place because we have already met with the National Assembly Pension Commission
in April.
“When we met with the Head of Service, they also referred us
to the commission, since all accusing finger is pointing to this place, we
decided to meet them for our problems to be solved
“When the issues were raised, we were told that the issue of
circular was with the commission and that they could not do anything until the
circular was released by the commission,’’ Ahmodu said.
Abdullahi Bage, the Commissioner Compensation, who
represented the Commission’s Chairman, denied the allegation that the
commission delayed the Federal Government from granting the pensioners
requests.
He said the commission was on top of the situation to ensure
that the retirees were well attended to.
He said that letters had been sent to the office of the
Secretary to the Government of Federation, Anyim Pius Anyim for the circular on
the implementation of the 53 per cent to be issued.
Bage told the pensioners that the presidency had to agree on
the payment before the commission would be able to release any circular, adding
that letters had been forwarded to the presidency on the requests by the
retirees.
“We have never relented in our efforts to make sure that the
pensioners or whoever has any issue with the commission is not neglected.
“The Chairman and all the members of the commission are on
our toes and we have written and are waiting for approval from the upper
chamber.
“I am sure that the Federal Government is taking this issue
seriously.
‘I know the presidency is passionate about the welfare of
the pensioners, maybe there are one or two things that are causing the delay,
but I can assure you that the issue will be resolved,’’ Bage said.
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.
