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Nigeria’s pension asset records N3.36trn gain as RSA registration increases to 10.19m in 2023

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In 2023, Nigeria’s overall pension assets experienced a notable gain of N3.36 trillion, as reported by the National Pension Commission (PenCom) in its recently released unaudited pension fund portfolio report. This represents a year-on-year increase of 22.43 percent.

According to PenCom, the total number of Retirement Savings Account (RSA) registrations reached 10.19 million as of December 2023, reflecting a 3.3 percent growth from the 9.86 million recorded at the end of 2022.

Further analysis of the portfolio reveals that investments in federal government securities amounted to N11.92 trillion, constituting 64.9 percent of the total assets. This allocation aligns with PenCom regulations, emphasizing investments in fixed and less risky assets such as FGN bonds and treasury bills.

In the same year, RSA holders initiated transfers totaling N462 billion, marking a 28 percent increase compared to the N361.5 billion transferred in the preceding year. The cumulative transfers since the inception of the transfer window reached N1.14 trillion. This transfer activity adheres to the provisions of section 13 of the Pension Reform Act (PRA) 2024, allowing RSA holders to transfer their accounts from one Pension Fund Administrator (PFA) to another.

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Kaduna: Newly recruited nurses lament over unpaid 8 months salaries

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More than 200 healthcare workers employed by the Kaduna State Government in June of the previous year have expressed their distress over not receiving salaries for eight consecutive months.

Recall that in 2023, the state government hired over 200 nurses at grade level seven, assigning them to various general hospitals across the state. However, according to the nurses, they have worked for eight months without any payment.

They received payment for only three months: February, March, and April. However, they note that the amounts they were paid during this period were less than what was stipulated in their appointment letters.

One nurse, preferring anonymity, expressed, “We have not received our eight months’ salary arrears for the work we’ve done since we began in June 2023. Our salary payments only commenced from February 2024.” They highlighted the challenges faced by single mothers and divorcees among them, who struggle to support themselves and their children.

Appealing to Governor Uba Sani, they urged intervention to ensure prompt payment of their outstanding arrears. They highlighted the financial strain faced by those stationed in rural areas, who have to cover expenses such as rent, food, and transportation.

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Another affected midwife, also speaking anonymously, shared her struggles commuting to work in Kakuri, stating that nearly all her salary goes towards transportation costs, and the workload is overwhelming. She emphasized the need for both the arrears to be settled and an increase in their salaries due to the heavy financial burdens they bear.

Ishaku Yakubu, the Chairman of the National Association of Nurses and Midwives, Kaduna Chapter, confirmed the issue of unpaid salary arrears, mentioning efforts to address the matter with relevant authorities.

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Nigerian troops kill IPOB, ESN bomb expert

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Nigerian Army troops, along with various security agencies, have reportedly eliminated an individual skilled in crafting Improvised Explosive Devices (IEDs), purportedly affiliated with the Indigenous People of Biafra (IPOB) and its security arm, the Eastern Security Network (ESN), in Orsu, Ihitteukwa, located within Orsu Local Government Area of Imo State.

According to a Facebook post from the Nigerian Army Headquarters, the operation took place on Thursday. Troops, comprising personnel from the Nigerian army, Navy, Air Force, Nigerian Police, Department of State Services (DSS), and other security agencies, were conducting a clearance operation in Udaah, Identa Ihitteukwa, and Awo Idemili areas of Orsu Local Government Area when they encountered the assailants.

Reportedly, the criminal elements engaged the advancing troops by firing shots, throwing handheld IEDs, and launching locally made rockets (known as Ogbunigwe). During the operation, as the troops advanced, several IEDs were detonated by the terrorists who subsequently fled. One of the dissidents was neutralized while attempting to connect the explosive to its power source.

Recovered items include locally made rocket launchers, defused IEDs, pipes, wires, and other materials utilized in the production of explosives and locally made rocket launchers. Additionally, troops covered numerous ditches used as obstacles on roads connecting the communities by ESN elements.

The statement emphasized the Nigerian Army’s commitment to conducting operations aimed at deterring irredentist activities and ensuring the security of the region.

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Nigerian workers release breakdown of proposed N615,000 minimum wage

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Organized labor, represented by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has provided details of its suggested N615,000 minimum wage. These specifics were communicated in a statement issued by the NLC on Friday. As per the statement, a significant portion of the proposed minimum wage is allocated to food and transportation.

The breakdown indicates that N270,000 is earmarked for food for thirty days, with N110,000 allocated for transportation. Additionally, allocations are made for electricity/power (N20,000), accommodation (N40,000), utility water (N10,000), kerosene/gas (N35,000), clothing (N20,000), education (N50,000), sanitation (N10,000), and medical expenses (N50,000), totaling N615,000.

Earlier, both Festus Osifo, President of TUC, and Joe Ajaero, President of NLC, had disclosed the proposal for the N615,000 minimum wage in separate statements. Meanwhile, President Bola Tinubu conveyed in his May Day message to workers that an increase in the minimum wage is on the horizon.

This development arises as Nigerian workers contend with the high cost of living driven by escalating inflation, which reached 33.20 per cent in March 2024.

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