TheCable

Wale Edun, minister of finance, says the federal government is committed to the welfare of pensioners “amid essential economic reforms”.

Edun spoke on Wednesday during a visit to the Pension Transitional Arrangement Directorate (PTAD) headquarters in Abuja.

A statement by Mohammed Manga, the ministry’s director of information and public relations, said the minister reiterated the federal government’s unwavering dedication to improving pension management and enhancing the welfare of pensioners.

He assured the PTAD of the ministry’s support for the recent pension increment, which aligns with the provisions of section 173 (3) of the 1999 constitution.

“Notably, this marks a historic initiative in Nigerian pension management with deliberate and timely increments as well as commitment to the timely payment of pension arrears and entitlements emphasising the government’s commitment to the well-being of pensioners,” Edun said.

The minister, who was greeted by Chioma Ejikeme, PTAD’s executive secretary, and the management team, said his visit underscores the ministry’s strategy to enhance fiscal management.

According to the statement, the activity also aims to promote socioeconomic stability through improved governance of public funds and the adoption of digitisation.

He commended the PTAD staff for their dedication to pension administration, recognising their indispensable role.

“This visit highlights our resolve to ensure that the systems managing our pension funds are not only robust and efficient but also aligned with our broader economic goals of transparency and accountability,” the minister said.

The directorate staff also expressed appreciation for the visit, reaffirming their commitment to maintaining high service standards for pensioners and aligning with the government’s emphasis on enhancing public financial management.

On April 30, the federal government announced an increase of between 25 percent and 35 percent in the salaries of civil servants on the six consolidated salary structures.

The government also approved an increase in pension of between 20 percent and 28 percent for pensioners on the defined benefits scheme with respect to the six consolidated salary structures.

The six consolidated salary structures are consolidated public service salary structure (CONPSS); consolidated research and allied institutions salary structure (CONRAISS); consolidated police salary structure (CONPOSS); consolidated para-military salary structure (CONPASS); consolidated intelligence community salary structure (CONICCS); and consolidated armed forces salary structure (CONAFSS).