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FG approves N758bn to settle pensioners arrears
**”Says no retiree would be forgotten
*** Why we’re taking fresh loans – Tinubu
By Sam Otuonye
The federal government has disclosed that it has approved N758bn Pension Bond to settle accrued pension arrears , rights and strengthen the Pension Protection Fund.
The approval was announced by President Bola Tinubu at the inaugural National Pension Week Leadership Summit held at Transcorp Hilton, Abuja, on Thursday
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the president also announced measures aimed at restoring dignity and financial security to retirees.
This is even as he assured Nigerian retirees that no citizen who has served the country will be forgotten in retirement
He further pledged to strengthen the Contributory Pension Scheme and improve pensioners’ welfare, adding that his administration regarded pension payments as an obligation to workers rather than a privilege granted by government.Follow Politics
The president , who spoke on the themed, “Pensions for All: Building a Secure Future Together,” emphasised that pension benefits represented earnings deferred by workers and held in trust for their retirement.
He noted that the bond would work as a restitution to Nigerians who served the country but were denied timely access to their retirement entitlements, adding that the measure is intended to address outstanding pension obligations inherited by his administration, including cases in which retirees had waited for years to receive their accrued benefits.
The President who also announced plans to implement the Minimum Pension Guarantee provision of the Pension Reform Act 2014, which he said had remained unimplemented for more than 11 years after the law was enacted, emphasised that the policy shift would strengthen retirement protection and provide greater assurance for pension contributors.
Tinubu further announced the launch of PenCare, a national retiree wellbeing programme designed to provide access to essential healthcare for low-income pensioners.Follow Politics
The initiative is expected to expand the scope of retirement protection beyond savings and benefit payments to include healthcare support for vulnerable retirees
However, he warned employers in the public and private sectors against deducting workers’ pension contributions without remitting them to the appropriate pension accounts, describing such practice as a breach of trust and urged employers to ensure that contributions were remitted fully and promptly.
Tinubu also charged the National Pension Commission to enforce pension regulations without fear or favour, while calling on Pension Fund Administrators and Custodians to improve their expertise, diversify investments responsibly and reduce costs.
He said the success of pension fund management should be measured by the benefits contributors ultimately received rather than the size of assets under management.
The President cautioned that retirement savings must generate returns capable of protecting contributors against inflation, stressing that capital preservation and disciplined growth should go hand in hand.
He added that although pension assets could contribute to national development through infrastructure and productive enterprises, investment decisions must prioritise the interests of contributors and meet rigorous risk-and-return requirements.
Tinubu also called for the expansion of pension coverage beyond the formal sector to include traders, artisans, farmers, transport workers and other self-employed Nigerians.Buy Maps
He urged Pencom to use the opportunity provided by the Personal Pension Plan and new distribution channels to provide more accessible opportunities for informal-sector workers to save towards retirement.
The President urged state governments, organised labour and other stakeholders to work towards expanding pension coverage, improving compliance and ensuring faster payment of benefits.
Meanwhile, President Bola Tinubu has defended the
Government’s efforts to secure loans from international financial institutions and banks, arguing that the value of investments financed by borrowing should matter more than the amount of debt incurred.
The President, responding to criticism from opposition leaders over the government’s borrowing plans, said the funds were intended to support critical infrastructure, stimulate economic growth and create opportunities for future generations.
In an article titled “From reforms to delivery: Our infrastructure investment and growth strategy”, Tinubu stated: “The real question is not how much we borrow, but what we build, what value we create and what future we leave behind.”
He listed the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, Trans-Sahara Superhighway, electricity grid upgrades and the modernisation of major commercial ports in Lagos among the projects expected to strengthen Nigeria’s productive capacity.
According to the President, the projects, combined with investments in healthcare, education and vocational training, would improve connectivity between economic regions, lower transportation costs, expand agricultural and industrial activities and attract private-sector investment.
The article, which was made available to journalists on Thursday, projected that the Lagos-Calabar Coastal Highway could reduce logistics costs along its route by between 15 and 20 per cent.
It also estimated that the project could contribute up to two per cent to Nigeria’s Gross Domestic Product (GDP) through increased trade, tourism and industrial activities.
“The project is also projected to generate about 100,000 direct jobs in construction and engineering, alongside more than 150,000 indirect jobs in logistics, materials and related services.”
Explaining the broader economic significance of the infrastructure projects, Tinubu said: “We are not simply building highways. We are opening economic corridors, connecting markets, unlocking industries and reshaping Nigeria’s economic geography,” the President said.
He maintained that achieving the administration’s ambition of building a $1 trillion economy by 2030 would require sustained investment in infrastructure to improve productivity, promote industrialisation and facilitate trade.
“We cannot build a USD 1 trillion economy with infrastructure designed for an economy a fraction of that size,” Tinubu said.
The President argued that improvements in key economic indicators and rising confidence among international investors were creating opportunities for Nigeria to attract long-term capital for infrastructure development.
He attributed the progress recorded by the economy to reforms introduced by his administration in May 2023, including the removal of petrol subsidies, unification of the foreign exchange market, tax reforms and coordinated efforts to curb inflation.
According to him, the measures were designed to restore macroeconomic stability, strengthen public finances and improve Nigeria’s position in international financial markets.
Tinubu stressed that the proposed $1 trillion economy could not be achieved through declarations alone, but would depend on sustained investment, increased productivity, industrial growth and expanded trade.
He said infrastructure development would remain central to achieving the target within the administration’s 2030 timeline.
Citing recent economic indicators, the President said Nigeria’s real GDP grew by 4.43 per cent in the second quarter of 2026, while headline inflation declined to 14.63 per cent in September from 20.98 per cent recorded a year earlier.
He also disclosed that the country’s gross external reserves had risen to $55.1 billion as of October 9, 2026, including approximately $46 billion in net reserves.
Tinubu further said Nigeria’s tax-to-GDP ratio had increased to 12.5 per cent from seven per cent, describing the figures as evidence of progress in the government’s economic reform programme.
The President maintained that the administration’s infrastructure strategy was aimed at translating economic reforms into tangible benefits through job creation, stronger productive capacity and improved access to markets.
However, the debate over fresh borrowing comes amid concerns about Nigeria’s debt burden and the need to ensure that loans translate into productive investments capable of generating sufficient economic returns.
The effectiveness of the government’s borrowing strategy will therefore depend not only on the scale of infrastructure spending but also on project delivery, transparency, accountability and the economic benefits generated for Nigerians.
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Insecurity: CDS seeks inter service collaboration to combat terrorism
By Nkem Okereh and Suleiman Paiko (Minna)
The Chief of Defence Staff, General Olufemi Oluyede, has sued for collaboration among the country’s security agencies, noting that a robust cooperation and strategic synergy among the security agencies remains critical in actualising the targets of decisive defeat of of terrorist activities and counter the evolving national security threats.
The CDS who gave the charge at the Nigeria Navy Annual Retreat in Abuja, emphasised the evolving dynamics of modern defense.
Gen. Oluyede, who also called for the support of civilians and host communities in the fight against terrorism, maintained that .
the collaboration must nit be restricted to inter-agency but includes the civilians and communities.
He said, “It is important for us to continue to emphasise jointness because no single service can do the job alone, it requires a collective effort.
“If you see anything, you should tell us because everything we’re doing relies on intelligence, and for that, we need community support.”
He added that the support provided by Nigerians would aid push the country forward on all fronts.
He noted specifically that joint operations remain the cornerstone of neutralising criminal networks, insurgency, and asymmetric threats across the country’s diverse terrains
This is even as he appreciated the nation’s security agencies for recent operational achievements, saying that significant successes recorded through coordinated intelligence-led missions between the Nigerian Army, Navy, and Air Force have decimated terrorist camps in the country
General Oloyede further explained that the joint efforts of security agencies have not successfully degraded terrorist capabilities, but have secured vital national infrastructure, and drastically curtailed economic sabotage, especially in areas like oil theft and maritime crime in the nation’s coastal corridors.
While reaffirming the military’s unwavering loyalty to constitutional authority and democratic values, pledging continued strategic adaptation to secure Nigeria’s territorial integrity, the CDS commended the resilience and professionalism of frontline personnel, urging officers to maintain high operational readiness as the armed forces transition into a more proactive, technology-driven defense posture.
Addressing Nigeria Navy Officers at the retreat, Chief of Naval Staff, Vice Admiral Idi Abass, emphasised that the comprehensive assessment provides an essential platform to align institutional goals with evolving national security challenges
He noted that the retreat also serves as a strategic blueprint to enhance operational readiness, fleet capabilities, and inter-agency cooperation as the nation approaches heightened security demands
Meanwhile the Niger state Police Command has confirmed the abduction of 14 students of an Islamiyya school and their teacher in Tungan-Bako village, Pandogari, Rafi Local Government Area of Niger State, by suspected terrorists
The incident occurred on Saturday, October 31, 2026, when the students were reportedly helping their teacher harvest maize on his farm.
Confirming the incident, which happened on Saturday, October 31,2026, the Niger State Police Command Public Relations Officer, SP Wasiu Abiodun, said in a statement that the actual number of abducted students was 14, as against earlier reports suggesting that the number was more
The police statement issued on Tuesday, said preliminary information indicated that the victims were students of an Islamiyya school who were assisting their Mallam with maize harvesting when the attackers struck.
SP Abiodun added that a joint security operation was underway to rescue the abducted victims, assuring that further developments would be communicated.
“On 31/10/2026 at about 12.30 pm, suspected bandits invaded Tungan-Bako village via Rafi LGA and abducted some persons working on the farm.
”Report further indicated that the abducted victims were about 14 students of an Islamiyya helping their Mallam to harvest maize on the farm, before the incident.
”However, joint security rescue efforts are ongoing. Further developments will be communicated,” the police statement read in part
This is as the Niger state government has assured of total support and collaboration with security agencies and other relevant stakeholders to tackle insecurity and release all abducted citizens of the state
The state Commissioner for Information and Orientation, Obed Nuhu Nana, said the Bago administration was deploying every available resource and working closely with security agencies and other relevant stakeholders to tackle insecurity, rescue abducted persons and prevent further attacks.
He further reaffirmed the determination of the current administration to end all forms of insecurity in the state and restore lasting peace and safety to affected communities.
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NASS set to transmit State Police bill to Tinubu
By Nkem Okereh
The National Assembly says it will soon transmit the bill seeking for the establishment of State Police to president Bola Tinubu for assent
NASS in a statement on Tuesday said it has completed the authentication of approvals for the bill from 28 state Houses of Assembly.
The Clerk to the National Assembly, Kamoru Ogunlana, confirmed in the statement that the number of state legislatures that had approved the proposed constitutional amendment exceeded the constitutionally required threshold of 24 states, as stipulated in Section 9 of the Constitution.
“The Office has also undertaken the necessary administrative verification of the reports and accompanying Votes and Proceedings to establish their authenticity and ensure that the records accurately reflect the decisions taken by the respective State Houses of Assembly.
“In view of the approvals secured from the required number of State Houses of Assembly, the necessary administrative processes are being undertaken to facilitate the transmission of the Bill to His Excellency, the President of the Federal Republic of Nigeria, for assent, in accordance with the Acts Authentication Act, CAP A2, (LEN) 2004,” the Clerk was quoted as stating in the statement
According to the statement,, the bill was transmitted to the 36 State Houses of Assembly on September 16, 2026, for consideration and approval, with a request that their decisions be communicated to the National Assembly within 30 days.
He however noted that although the deadline expired on October 15, with only 28 states responding to the request the office if the Clerk would continue to receive reports from state legislatures until the bill was transmitted for presidential assent.
“Following the receipt and verification of the reports, the Office confirms that 28 State Houses of Assembly have approved the Bill,” the statement read.
Ogunlana added that the Office of the Clerk had undertaken the necessary administrative verification of the reports and accompanying Votes and Proceedings to establish their authenticity and ensure that the documents accurately reflected the decisions of the respective state legislatures, whike nit in Ng that the authentication process is a key step towards transmitting the bill to the President for assent.
The Clerk also clarified that Section 9 of the Constitution did not expressly prescribe a third reading for a constitutional alteration bill, unlike the procedure applicable to ordinary bills.
“It is pertinent to clarify that Section 9 of the Constitution does not expressly prescribe a Third Reading for a Constitution Alteration Bill, unlike the prcedure applicable to ordinary Bills,” he stated.
He said the necessary administrative processes were being undertaken to facilitate the transmission of the bill to Tinubu in accordance with the Acts Authentication Act, Cap A2 (LFN) 2004.
The Clerk,, while commending the state legislatures for their cooperation in considering the proposed amendment, described to he exercise as an important step towards strengthening the country’s security architecture and deepening its federal system.
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2027: ADC, APC clash over Tinubu’s steady electricity promise
***Tinubu failed on steady electricity promise – Atiku
***It’s work in progress, Tinubu replies
By Sam Otuonye
Ahead of the 2027 presidential election, the ruling All Progressives Congress (APC), and opposition Africa Democratic Congress (ADC), have dragged each other over President Bola Tinubu’s promise in 2023 to ensure 24 hours steady supply of electricity to all corners of the federation.
Tinubu had during his campaign in 2023, told Nigerians not to give him a second term, if fails to provide steady supply of electricity.
“Whichever way, by all means necessary, you will have electricity, and you will not pay for estimated bills anymore. A promise made will be a promise kept,” Tinubu had told Nigerians prior to the 2023 presidential election.
He added that Nigerians should not re-elect him if he failed to fulfil the promise without providing adequate reasons for the shortfall.
But barely three and half years into his APC- led administration, electricity has remained a major challenge, as several parts of the country have remained in darkness, amid high tariff
Former Vice President and presidential candidate of the opposition Africa Democratic Congress (ADC), Atiku Abubakar, has asked Nigerians to assess the president from his 3023 campaign promise on steady electricity supply, declaring that he has failed the nation.
Atiku accused Tinubu of failing to fulfil his electricity promise with a long recital of laws, committees, bonds and projects.
The former vice president in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, said: “The APC should spare Nigerians the spectacle of celebrating paperwork while homes and businesses remain in darkness. After three and a half years, families still struggle to keep their homes lit. Traders and small business owners spend scarce resources on alternative power, yet struggle to keep their businesses alive. Nigerians are billed for electricity they cannot rely on. President Tinubu promised steady power and an end to estimated billing. That promise has not been kept.
“Across Nigeria, consumers are placed in Bands A, B, C, D and E and charged different rates. In many areas, Band A customers pay about ₦209.50 per unit before VAT. Rates for the other bands vary by state and electricity provider. Yet across every band, the same hardship endures: the power fails, but the bill arrives. No family should have to weigh the cost of electricity against the cost of food. No business should be left to pay more while receiving less.
“The government now says it plans to end electricity subsidies from 2027, even as it insists there will be no immediate tariff increase. Nigerians are entitled to a clear answer: what will happen to their bills when the subsidy ends? I will work with state governments and regulators, within the law, to abolish the present band system and replace it with a fair, transparent and affordable framework that protects households and holds power companies accountable for the electricity they deliver. Steady power that Nigerians can afford will be a national priority.
“When President Tinubu campaigned in 2022, he made an unmistakable commitment. He said: ‘If I don’t give you constant electricity for four years, when I come back for a second term, don’t vote for me.’ Nigerians have lived through those four years. They do not need his campaign council to interpret his words for them. They need him to answer for them.
“His administration has not built a single new generation infrastructure of its own to increase Nigeria’s power capacity. Yet it has floated a multi trillion naira bond programme to settle legacy debts owed to generation companies, without showing Nigerians how this financial intervention has produced the steady electricity they were promised. Paying old debts is not the same as building new power infrastructure. Bonds cannot be presented as a substitute for power in people’s homes.
“Meanwhile, Nigerians face VAT on electricity, and the Nigeria Tax Act provides for a 5 per cent surcharge on certain fossil fuels, including petrol and diesel. The government says the surcharge has not been activated and would require a ministerial order. At a time when families already struggle to meet the cost of energy, Nigerians deserve to know why another potential charge has been placed before them.
“Dele Alake’s statement cannot light a home. Signing a law is not electricity. Raising a bond is not electricity. Approving a project is not power delivered. Nigerians cannot cook, study, work or sustain a business on announcements. President Tinubu invited Nigerians to judge him by his performance. They have done so. What they seek is simple: reliable electricity they can afford, and a government that keeps its word.”
But the APC Presidential Campaign Council has said that President Tinubu’s promise of 24 hours steady electricity supply accross the country is work in progress
Spokesperson of the APC Presidential Campaign Council, Dele Alake, admitted that President Bola Tinubu is yet to fully resolve Nigeria’s electricity challenges, but his administration remains committed to fulfilling its campaign promise of providing Nigerians with stable and reliable power supply.
Alake, acknowledged that fixing the country’s power sector remained unfinished work, three years after Tinubu assumed office.
Alake, who doubles as Minister of Solid Minerals Development, noted that the President had taken consistent steps to address the structural, institutional and financial challenges that have hindered the sector for more than five decades.
The APC Campaign Spokesperson in a statement on Sunday titled ‘Tinubu’s Electricity Pledge Must Be Considered in Full Context’, urged Nigerians to assess the President’s 2023 campaign promise alongside the administration’s interventions and the concluding qualification he made when he gave the pledge.
Alake said some recent commentaries had reproduced the President’s pledge without including the concluding qualification, arguing that a fair assessment should consider the full statement and the administration’s performance since 2023.
He cited Tinubu’s signing of the Electricity Act, 2023, on June 9, less than two weeks after assuming office, thereby allowing state governments to participate in electricity generation, transmission and distribution as a major stride to free electricity consumers from the frustration of service providers
He attributed the president’s intervention in the energy sector to the reason why several states, including Lagos, Enugu, Abia, Ekiti, Oyo, Kaduna and Niger states have begun taking advantage of the legislation by establishing their electricity regulatory agencies and attracting private investment into their power sectors.
Alake also said the administration inherited more than N6tn in accumulated legacy debts between 2015 and 2025 and had introduced measures to address the financial burden.
Alake further disclosed that the federal government established a N4tn bond programme to settle verified debts owed to 21 electricity generation companies and gas companies.
According to him, the first and second tranches of the programme have raised more than N1.2tn to settle part of the verified liabilities.
He added that the administration launched the Presidential Metering Initiative to address the country’s metering deficit, saying more than 1.5 million customers had received meters under the programme in the last three years.
The APC PCC spokesperson said the government had also adjusted electricity tariffs towards cost-reflective levels to improve liquidity in the market while introducing service bands and measures to protect low-income households.
On infrastructure, Alake said the administration was investing in substations and grid expansion while pursuing plans to modernise the Osogbo Grid Control Centre, which he said was built more than 60 years ago, and construct an East-West super grid.
He also highlighted the Rural Electrification Agency’s efforts to connect universities, hospitals and rural communities to solar power.
He explained that electricity infrastructure projects required long-lead equipment and could not be completed overnight.
The spokesperson also cited recent investments by power generation companies as evidence that the administration’s interventions were beginning to improve confidence in the electricity market.
He mentioned Geregu Power Plc’s announcement of investments in new power transformers to improve operations at its Geregu 1 Power Plant, adding that other companies were making similar investments.
Alake said the administration recognised the need to balance cost-reflective tariffs, which would improve operators’ financial viability, with affordable electricity for Nigerians.
He said the government would continue to explore measures to improve the commercial sustainability of the sector while protecting vulnerable households.
“Fixing the electricity market and power sector is ongoing work,” Alake said.
He assured ed that Tinubu had not abandoned his commitment to resolving the country’s electricity challenges, adding that the President would present his scorecard and explain outstanding issues to Nigerians as he seeks a second term
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