In fulfilment of his promises at improving the lives of retirees, Oyo State Governor Seyi Makinde has approved a minimum pension of 25,000 naira for pensioners in the state.
This decision, announced by the Chairman of the Nigeria Union of Pensioners (NUP) Oyo State Council, Comrade James Osuntade, and the union’s Secretary, Comrade Olusegun Abatan, is set to take effect from January 2025.
The pension increase comes as a welcome relief to many retirees who have faced financial hardships due to stagnant pension rates over the years.
The announcement includes a 33% pension increment that has been pending since 2010, along with a consequential adjustment to pensions and an additional 20% increase across the board.
This comprehensive review also includes part of the previously proposed 32,000 naira pension increment.
Retirees in Nigeria have long struggled with inadequate pensions that fail to meet the rising cost of living.
Many have found themselves in precarious situations, relying on dwindling savings or the support of family members to make ends meet.
The plight of these retirees underscores the urgent need for government intervention and reform in the pension system, which has often been overlooked.
Governor Makinde’s decision not only addresses these pressing issues but also sets a precedent for other states in Nigeria.
His proactive approach reflects a commitment to the welfare of pensioners and underscores the importance of honoring the contributions of retirees to society.
As the nation grapples with economic challenges, Governor Makinde’s initiative represents a beacon of hope for many retirees in Oyo State.
