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Tinubu Approves 20% Pension Increase for Armed Forces

Published by admin on July 26th, 2024.

Tinubu Approves 20% Pension Increase for Armed Forces

President Bola Tinubu has authorized a 20% increase in pensions for Armed Forces personnel, as announced by Vice Adm. Emmanuel Ogalla, the Chief of Naval Staff (CNS), on Thursday.

This announcement was made during the 2024 Accounts and Budget Seminar, themed “Optimising Nigerian Navy Non-Public Fund Opportunities In A Dynamic Economic Environment: The Nigerian Navy Personnel In Focus.” The seminar took place from July 25 to July 26 at the Naval Dockyard in Victoria Island, Lagos. Vice Adm. Ogalla’s address was delivered by Rear Adm. Joseph Akpan, Chief of Policy and Plans at Naval Headquarters.

Ogalla expressed gratitude to President Tinubu for his commitment to improving the welfare of both active and retired Armed Forces personnel. He noted that the pension increase, which has been in effect since January, is one of several initiatives aimed at enhancing morale and operational efficiency.

“This seminar is particularly relevant as we seek ways to independently generate funds outside of budgetary allocations to meet welfare needs and improve living standards for our personnel,” Ogalla remarked. “Such measures are essential for operational success, as the human element is fundamental to the effectiveness of the Nigerian Navy.”

He emphasized the necessity of optimizing non-public funds to support personnel welfare, which is crucial for retaining skilled members and improving overall operational capability.

Ogalla outlined various support schemes managed by the Directorate of Non-Public Funds, including navy insurance, car refurbishing loans, and welfare loan schemes. He highlighted their importance in safeguarding Nigeria’s maritime environment, which is vital for the nation’s economic well-being.

“These initiatives are critical for our operational duties, as they ensure the well-being of our personnel who protect our maritime resources,” Ogalla said. He called for transparency, accountability, and ongoing assessment in the management of these schemes to effectively meet personnel needs.

“I am glad that this seminar includes lectures aimed at explaining these factors and encouraging innovation in the use of non-public funds for personnel welfare. Discussions on potential packages like mortgages could strengthen our naval force,” he added.

Ogalla encouraged seminar participants to brainstorm on key policy issues related to non-public fund opportunities to enhance operational efficiency and personnel welfare.

He concluded by expressing his appreciation to President Tinubu for his steadfast support and leadership in enhancing the welfare of the Armed Forces. “We are committed to fulfilling our duties to promote economic prosperity and poverty eradication, in line with your renewed vision for Nigeria,” Ogalla affirmed.