Following the assurance of the National Pension Commission (PenCom) to pay all outstanding pension liabilities soon, findings have shown that many retired civil servants are yet to receive their pension.
The acting Director General (DG) of PenCom, Omolola Oloworaran, gave an assurance of paying outstanding pension at a workshop recently on the online enrolment application for Pension Desk Officers (PDOs) of treasury-funded Ministries, Departments, and Agencies (MDA) of the Federal Government.
Oloworaran said concerted efforts by critical stakeholders had reached an advanced stage to clear all the federal government’s outstanding pension liabilities under the Contributory Pension Scheme (CPS).
She said efforts put in place would also provide lasting solutions that would address the problems of inadequate funding and delay in fund releases for the payment of accrued rights.
However, the agonies of retirees from the federal civil service appear to be getting worse as the Federal Government has failed to release funds for payment of accrued pension rights.
A reliable source told The Guardian that the Federal Government owes over 18 months of accrued rights of retirees who are on the CPS.
“The government promised to pay that from March – Sept 2023, for over three months now. These accrued rights are the pension benefits of retirees who have been in government employment before 2004 when the CPS was introduced.
“This is held in a bond with the Central Bank of Nigeria (CBN), so there should be no delay whatsoever,” he said. He decried that without this, the pension payment to retirees will not be implemented by the various pension custodians.
“Many retirees are going through a lot of trauma financially, psychologically, and even health-wise.” he decried, calling on the government to quickly do the needful.
The move, he said in turn, gives them the impetus to pursue their entrepreneurial aspirations and contribute more significantly to the economy.
He urged that there is a need to provide a platform for ensuring that many businesses could survive and thrive beyond the five-year mark, considering that 80 per cent of businesses, especially those in the informal sector have been operating for less than five years.
“The link between financial literacy and financial inclusion has become an international policy concern, this is our way of contributing to the conversation, powering the dreams of this vulnerable group and doing what needs to be done to support Nigeria’s socio-economic aspirations,” he said.
Managing Partner, ACIOE Associates, an advisory services firm, Innocent Isichei, noted that businesswomen and PWLDs are vulnerable to online threats.
He said by building a secure digital ‘fortress,’ women could confidently navigate the online environment, safeguard their businesses, and leverage technology for growth.
According to him, beyond online safety, achieving economic empowerment for women requires addressing significant financial literacy and access challenges.
He said: “These challenges include limited financial knowledge, restricted access to credit, societal barriers, and gender-based discrimination within the financial sector. ACIOE Associates recognises these critical needs and that is why we have partnered with Moniepoint and Tech4Dev to offer this comprehensive two-day workshop.”
Via a series of practical sessions, participants learned essential skills in budgeting, saving, and investment strategies tailored to small business needs.
The programme also covered vital cyber hygiene practices to protect businesses from data breaches, phishing scams, and malware attacks while learning how to leverage technology for business expansion and maintaining a secure online presence.
