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Business News

Buhari launches Micro Pension Plan, assures Pensioners of regular payments

The president noted that the initiative is part of the Government’s plans to ensure that hardworking Nigerians live in dignity and retire in peace when due.

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Micro Pension Plan

President Muhammadu Buhari officially launched the Micro Pension Plan today, at the Presidential Villa in Abuja. During the launching, the President assured pensioners of his administration’s renewed commitment to pension payment despite the meagre  resources within government’s disposal.

The president reportedly noted that the initiative is part of the Government’s plans to ensure that hardworking Nigerians live in dignity and retire in peace when due.

What is Micro Pension Plan (MPP)?

The Micro Pension Scheme is part of the Federal Government’s efforts to ensure that all working Nigerians in both formal and informal sector are part of Nigeria’s financial inclusion policy, through the National Pension Commission (PenCom).

PenCom reportedly stated that launching the MPP scheme also attests to the objective of the current administration to provide ample opportunities for economic stability for more Nigerians in the informal sector.

The President disclosed that the MPP is expected to mobilize about N3 trillion savings from the informal sector into the N8.6 trillion pension assets in the country.

“Today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence.

“The Micro Pension Plan is the natural next step. The program guarantees that when these hard-working citizens retire, they can still live in dignity and comfort.” -President Buhari

Who Benefits from MPP?

According to the National Pension Commission, its goal is to achieve pension coverage for 30 million people in the informal sector by 2024. Nigeria’s informal sector constitutes an estimated 69 million workforce, which represents an estimated 88 percent of the country’s workers that currently lack pensions for their old age.

Essentially, the MPP is aimed at providing services to self-employed Nigerians in the informal sector and employees with less than three staff.

Hence, the MPP scheme gives professionals, Entertainers, lawyers, doctors, entrepreneurs, artisans and casual workers the opportunities to save.

Earlier, PenCom and the Pension operators have expressed their readiness to ensure MPP covers all, by sensitizing the public through robust campaigns across the federation. PenCom further expressed its commitment towards good corporate governance and high ethical standards that will ensure the success of MPP.

Buhari vows to restore dignity in Public service

However, President Buhari has reportedly vowed to sanitize the rot endemic in Nigeria Civil Service. According to Buhari;

“In addition to this program, we are also working tirelessly to sanitize some of the rot within the pension system we inherited. I want to assure all Nigerians that this government remains committed to resolving all pending issues on pension payment.”

Meanwhile, the President has urged traders, Non-governmental organizations (NGO), and several stakeholders in the informal sector in the economy to cooperate with the government to educate their members of the various benefits they stand to enjoy in the MPP scheme.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Energy

Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported

Agip on Wednesday confirmed an oil leak, resulting in a shutdown.

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The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.

A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.

According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.

READ: Shell wants oil spillage case tried in Nigeria, but victims say no 

What Eni is saying

An Eni spokesperson on behalf of the Italian Energy firm, in a statement, said, “As soon as the incident was reported, we activated our oil spill response, shut in the well, and notified government regulatory agencies.

“The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with the participation of community representatives and the government regulatory agencies.

“The event occurred within the Company’s wellhead location which is paved and walled round. There is no significant third-party impact,” Eni stated.

READ: UK court ruling affects acquisition of Shell’s oil block by Governor Wike 

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Environmental Rights Group reports environmental degradation

An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.

The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.

The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.

He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.

“ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.

“Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.

“This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.

Jaiz bank

The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.

What you should know

It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.

This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.

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Energy

Nigeria records system collapse during holidays

Nigeria’s national electricity grid collapsed on Wednesday morning.

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Abuja, Ikeja Discos top list in collection efficiency in Q1 2020- NERC, Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP), Nigeria ranks eight African country with well-developed electricity regulatory frameworks, as Uganda tops.

The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.

This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.

What EKEDC is saying about the grid collapse:

“Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”

According to latest reports, partial restoration of power is already occurring across the country.

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