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Home Markets Fixed Income Funds Management

Some retirees receive as low as N450 as monthly pension – NUP 

Caleb Obiowo by Caleb Obiowo
February 9, 2024
in Funds Management
A call for pension benefit guarantee in Nigeria
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In certain states of the federation, retirees are receiving remarkably low monthly pension payments, some as little as N450, N500, and N1,000, as highlighted by the Nigerian Union of Pensioners (NUP).  

This was disclosed by Mr. Godwin Abumisi, the National President of NUP, during a press briefing in Abuja on Thursday, as he discussed the significant hardships experienced by many of its members due to the economic downturn. 

  • “In Nigeria, government do not think about the poor people. 
  • “Otherwise , how can pensioners in Enugu receive as low as N450 as monthly pension and we have been saying this but it seems as if we are crying wolf but it is a reality,” he said. 

The NUP president noted the widespread issue of retirees receiving extremely low pension payments, ranging from N450 to N1,000 was particularly prevalent in the South-Eastern states.  

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Abumis further detailed the monthly pension amounts received by retirees in specific states, including Borno with N4,000, Gombe with N8,000, Jigawa with N12,000, Katsina with N7,000, Kogi with N5,000, Kwara with N3,000, Niger with N4,000, and Taraba with N5,000, among others. 

More insights 

  • The NUP President further explained that the difference in pension rates across the country was due to a lack of pension harmonisation, which the union has consistently advocated for.  
  • Abumisi stressed that the  situation is exacerbated by the failure of many states to implement the reviewed minimum wage of N18,000 in 2010 and N30,000 in 2019.  
  • He noted that the failure of many state governments to implement and review the minimum wage has further led to pension increases corresponding to these wage reviews not being realized in the referenced states.  
  • The NUP President emphasized that the union strongly opposes the excuses given by state governments regarding their inability to implement these wage reviews, especially considering the increased federal allocation to states under the current administration.  
  • According to Abumisi, the NUP proposes a National Minimum Pension of N100,000 to the Tripartite Committee, aligning with the Nigeria Labour Congress’s proposal for a N200,000 National Minimum Wage.  
  • He pointed out that anything less than N100,000 monthly pension payments to retirees would be unacceptable to pensioners who are severely affected by the ongoing economic challenges, including the escalating cost of living. 
  • Abumis emphasized the union’s readiness to lead pensioners in nationwide protests if their demands are not addressed by the Federal Government.  
  • He stressed that such protests would draw attention to the suffering of pensioners and could include mass demonstrations in Abuja, as authorized by the union’s members. 
  • The NUP President noted that many members of the union had died due to the economic downturn, with around 1,500 losses mourned recently due to economic hardship and the increased cost of living nationwide. 

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Tags: NUPPensionretirees
Caleb Obiowo

Caleb Obiowo

Caleb Obiowo is a graduate of Urban and Regional Planning from the University of Uyo. At Nairametrics, he covers transport and logistics in Nigeria, along with real estate, construction, and aviation. He focuses on delivering clear, easy-to-understand stories and often digs deeper into industry issues through conversations with key players.

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