Tinubu increases Armed Forces pension by 20%

The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, announced on Thursday that President Bola Tinubu has approved a 20% pension increase for Armed Forces personnel.

This statement was made at 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.”

Represented by the Chief of Policy and Plans, Naval Headquarters, Rear Adm. Joseph Akpan, Ogalla addressed the two-day event, held from July 25 to July 26 at the Naval Dockyard, Victoria Island, Lagos.

Ogalla praised President Tinubu for prioritizing the welfare of both serving and retired Armed Forces personnel. He mentioned that the pension increase took effect in January and is part of various initiatives to boost morale and efficiency.

“This seminar is timely as we explore strategies to generate funds independently from budgetary allocations to address welfare needs and enhance living standards for personnel,” Ogalla stated.

“Such initiatives are crucial for operational efficiency, as the human factor is key to the success of any organization, including the Nigerian Navy.”

He emphasized the importance of optimizing non-public funds to improve personnel welfare, which in turn helps retain skilled personnel and enhance operational effectiveness.

ALSO READ:Protest: Don’t repay good with evil, Stakeholders tell South-East youth

Ogalla highlighted several schemes the Nigerian Navy operates to support its personnel, including navy insurance, car refurbishing loans, and welfare loan schemes, managed by the Directorate of Non-Public Funds.

“These schemes are vital for protecting our maritime environment, essential for the nation’s economic prosperity, a responsibility entrusted to the Nigerian Navy,” Ogalla said. He stressed the need for transparency, accountability, and continuous evaluation in managing these schemes to meet personnel needs.

“I am pleased that this seminar includes lectures designed to elucidate these factors and develop innovations to utilize non-public funds for personnel welfare. Discussions on packages like mortgages could contribute to a more resilient and capable naval force,” he added.

Ogalla urged attendees to use the seminar to brainstorm on critical policy issues related to non-public fund opportunities to improve operational efficiency and personnel welfare.

He expressed gratitude to President Tinubu for his guidance and unwavering support to the service, particularly for enhancing welfare packages for the Armed Forces. “We remain committed to carrying out our statutory mandate for economic prosperity and poverty eradication in line with your renewed hope for Nigeria,” Ogalla concluded.