Nigerian Retirees Still Receiving ₦500 Monthly Pension – NUP

The Nigeria Union of Pensioners (NUP) reveals that some retirees are still receiving as little as ₦500 as their monthly pension, highlighting the ongoing challenges in the pension system.

Expressing worry about the precarious predicament of certain retired individuals in Nigeria, the NUP disclosed that a fraction of them are currently being granted an insufficient monthly retirement allowance amounting to only N500.

During a recent interview, Alhassan Musa drew attention to this troublesome matter as the Kaduna State Secretary of NUP by portraying pensioners’ suffering as utterly unsettling.

He observed that a significant number of people who devoted their lives to serving the country are currently encountering financial difficulties due to inadequate pensions.

Despite receiving significant federal allocations, pensioners in the Southern and oil-producing states are specifically impacted as highlighted by Musa.

On the other hand, he pointed out that retirees residing in specific Northern states and the Federal Capital Territory receive a marginally improved monthly pension of N3,500 to N18,000.

Musa noted that the former Governor Nasir El-Rufa’i’s administration implemented a policy in 2020, resulting in pensioners receiving at least N30,000 each month in Kaduna State.

In accordance with the expected national minimum wage, he implored Governor Uba Sani’s administration to spearhead the execution of a fresh N70,000 minimum pension plan.

Musa urged for a universal 50% hike in the minimum pension, citing its vital role in alleviating current economic challenges faced by Nigeria. He remained hopeful that the Government would guarantee no retiree receives less than N70,000 monthly and merge their benefits with those of workers receiving new wage increments.

The challenges encountered by retirees who were part of the contributory pension scheme, with some not receiving their benefits years after retirement, were elaborated on by the NUP secretary.

Musa ascribed the problem to Ministries, Departments and Agencies (MDAs) not remitting monthly contributions to individual pension accounts, absolving both Pension Fund Administrators (PFAs) and Pension Commission (PENCOM) from any wrongdoing.

To prevent the challenges faced by most former workers, he emphasized that retirees must obtain their pension and lump sum payments within three months after retirement.