President Tinubu Announces 20% Boost In Armed Forces Pension

President Tinubu Announces 20% Boost In Armed Forces Pension

On Thursday, Vice Admiral Emmanuel Ogalla, Chief of Naval Staff (CNS), announced that President Bola Tinubu has approved a 20% increase in pensions for Armed Forces personnel. This announcement was made during the 2024 Accounts and Budget Seminar, titled “Optimising Nigerian Navy Non-Public Fund Opportunities in a Dynamic Economic Environment: The Nigerian Navy Personnel in Focus,” which is being held at the Naval Dockyard in Victoria Island, Lagos, from July 25 to 26…….. CONTINUE READING

Represented by Rear Admiral Joseph Akpan, Chief of Policy and Plans at Naval Headquarters, Ogalla praised President Tinubu for his commitment to improving the welfare of military retirees. He noted that the pension increase, which took effect in January, demonstrates the administration’s prompt response to the financial needs of Armed Forces members.

Ogalla stated, “This increase, along with other initiatives from various services, aims to boost morale and enhance efficiency. The seminar is timely, focusing on strategies to generate independent funds beyond budget allocations to improve personnel welfare and living standards.”

He emphasized the importance of optimizing non-public funds to enhance operational efficiency and retain skilled personnel. Ogalla also highlighted that these schemes, managed by the Directorate of Non-Public Funds, are crucial for protecting Nigeria’s maritime interests and contributing to national economic prosperity.

He expressed enthusiasm for the seminar’s focus on leveraging non-public funds and suggested discussing additional support packages, such as mortgage schemes, to build a more resilient naval force. Ogalla urged participants to use the seminar to address key policy issues and improve operational efficiency for the welfare of naval personnel.

“We are grateful for the support and will continue to fulfill our mandate to drive economic prosperity and poverty eradication, in line with the renewed hope for Nigeria,” Ogalla concluded.