EDITORIAL
Need to Accelerate Payment of Pensions

Over the years, retirees and pensioners in Nigeria have faced endless travails over non prompt payment of gratuities and pensions.
In the process, many elder statesmen who have diligently served this nation have died without receiving their benefits, leaving their children and relatives in pain and penury. The question agitating the minds of retirees and pensioners is why the beneficiaries of the pension can’t be paid promptly on retirement without making them go through agonizing pains that they sometimes have to offer bribes to fast-track the process. It is unfortunate that receiving one’s benefit after retirement has become a nightmare.It is even more concerning that the category of individuals in question are very senior citizens who have sacrificed the best part of their lives serving the nation. Retirement should not be a death sentence; it should be a period workers would happily look forward to with joy, hope and pleasure.In compliance with the Pension Reform Act (PRA) of 2004, the Pension Transitional Arrangement Directorate (PTAD) was established in August 2013. PRA also gave rise to the National Pension Commission (PenCom) to regulate, supervise and ensure the effective administration of pension matters in the country. PRA was repealed and re-enacted in 2014.With the this Act, PTAD took over the management of the pension offices of the civil service, police, customs, immigration, prisons and over 200 treasury funded parastatals. Despite the good intentions of the architects of the pension reforms, unnecessary delays in pension and gratuity payment to pensioners as well as alleged shady deals have characterized the National Pension Commission, thereby defeating the purpose of effective and efficient administration for which it was established.Following the outcry of beneficiaries over endless delays in the payments of persons and gratuities, the commission recently introduced an e-clearance platform to its website. The platform according to the commission, is to supply as well as expedite pension clearance certificate (PCC), for pensioners.In addition, pensioners can now do their submissions for verification from the convenience of their homes facilitating, real time tracking update, reduced paper work, enhanced security, data protection for enhanced user friendly interface.However, it is not yet Uhuru for the senior citizens even as the commission likened what it called a positive development to douse the criticism that has bedeviled the process in recent times as speculations were rife that the federal government intended to borrow from the fund for infrastructure development. This rumor was perceived as absurd and sad going by the apparent hardship pensioners are going through occasioned by the delays in payment of their monthly pensions.Again, the removal of fuel subsidy has compounded the suffering of pensioners. It has elevated their plight into more economic hardship, with the pension fund lying apparently inaccessible by pensioners and prompting the federal government to contemplate the idea of taking a loan from the pension fund for capital project development. This move should be well considered before a final decision is takenThe agonizing hardship due to the economic downturn in Nigeria has inflicted terrible pains as most pensioners and retirees are suffering in silence, yet those who are saddled with the responsibility to manage the funds are mercilessly embezzling, misappropriating or pilfering the funds. The two billion naira Maina-gate readily comes to mind. Could both NPC and PFAs be the barrier to a repeal of obnoxious Pension Act; that has enslaved workers and retirees to the undue advantage of government officials at the helm of pension fund as well as their Pension Administrators who are said to be using PFAs as fronts for politicians in collaboration. That is why it is believed that the same politicians in the legislative chambers will never support bills to abrogate laws like the pension Act and give it a human face.Simply put, man should not be made for the law but the law should be made for man. Pension Act advocates have expressed reservations and concern in both mainstream media and social media on the plight of pensioners and retirees. Some have opined that both civil servants and retirees should be allowed to withdraw all their savings and invest in their endeavor of interest.According to these pensioners and retirees advocates, the Pencom/PFA Scheme is an unsavory exploitation of workers and poor retirees as on retirement at 60 years, a retiree can only through thick and thin access 25% of his or her fund, with the balance being spread over 15years on monthly payments. In other words the retiree is expected to die at 75 years.It is the belief of concerted Nigerians that most pensioners and retirees will do better in business for themselves and get better Return On Investment (ROI), if they have direct access to their pension benefits. And that is why the amendment of the Pension or total abrogation will enhance retirees’ purchasing power and boost the economy in the process.Pension Act amendment protagonists have suggested that civil servants should be allowed to access their funds immediately after retirement. The amendment of the Pension Act in this regard will go along way serving as a palliative to civil servants as well as allow them to plan and invest for a better life after retirement. The simple illustration below depicts the exploitation of pensioners and retirees. A civil servant retires at 60 and gets an entitlement of N10m and decides to invest N7m in money market or government treasury bills at the usual 15% PA, his or her monthly interest will be N87,500 while PFAs pay N19,500 on the same amount monthly. This is exploitative. From the above illustration, the pensioner or retiree is losing over 55% of what he should have earned from money market or Government Treasuring bills.A recent survey in UK has it that pensioners are not at ease with the government and pension administrators as the survey states that around a 3rd (32%) could afford to contribute more to their pensions now in order to boost their retirement income. But while savers are seeing the value of pensions, the survey discovered that there remains a fundamental misunderstanding by savers about their pensions with many individuals unsure of how their contributions were being invested on their behalf.As at the period of the survey, the UK Prime Minister was forced to announce an emergency £350 of support per household to help with the cost of heating. As a result, almost half (47%) of those not retired say that they cannot afford to save right now due to the rising cost of everyday living. Relatively, the above action can be said to be usage of Pension Fund to improve the standard of living for UK civil servants.In this era of excruciating economic agony, a presidential executive bill to unbundle the pension Act of 2014 has become necessary as it would go along way in serving as succor to civil servants and pensioners. This bill can also serve as an auxiliary to the pending move by the senate to amend the Pension Act to enable Nigerians withdraw up to 75% of their total cumulative pension savings; this will also help douse the negative believe that PFAs are grossly manipulating and exploiting Nigerian workers.Also, production will be overwhelmingly stirred up, should this critical stance on abrogating the Pension Act be acted upon.DAILY ASSET insists that there is a compelling need to address the plight of retired senior citizens in the country, with the Pension Asset Fund currently standing at 21.14 trillion naira as of the end of August 2024.EDITORIAL
A Word of Caution to the Nigerian Senate

In concrete terms, the National Assembly is supposed to be the bastion of the nation’s democracy or what political pundits refer to as the engine of the constitutional system of government.
In other words, without the National Assembly there is no democracy. With the return of democratic rule in 1999, Nigeria has had ten consecutive legislatures spanning a period of 26 years.Nigeria operates a Bi-cameral legislature; made up of two Independent Chambers; the Senate and the House of Representatives.
Despite teething problems – ranging from the removal of various Senate Presidents and Speakers since the commencement of 4th Republic in 1999, the National Assembly could be described as a baby learning how to crawl, stand and walk in the 26 years of its existence.Of course, initially the excuse was that Nigeria was still a nascent democracy. The Nigerian Parliament right from inception had robust and historic developments which date back to the colonial and post-colonial independence but from whichever angle one looks at it, the 4th Republic has a huge legislative responsibility to perform its role as the foremost representatives of the Nigerian people by conscientiously performing its oversight functions and carrying out its core mandate.
Not only that, the lawmakers must not operate as if they are rubber stamps to the executive. By and large, the Senate as the upper chamber of Nigeria’s bicameral legislature is the nation’s legislature and has the power to make laws, as summarized in chapter one, section four of the 1999 Constitution of Nigeria as amended.
The Senate, referred to as the Red Chamber, is made up of 109 Senators representing three Senatorial Districts of each of the 36 states of the federation. Membership of the Chamber is based on equal representation. It is led by the Senate President and his Deputy (President of the Senate and Deputy President of the Senate) as well as principal officers namely Senate Leader and his Deputy, Minority Leader and his Deputy, Chief Whip and his Deputy as well as Minority Whip and his Deputy.
While the House of Representatives also known as the Green Chamber is made up of 360 Federal Representatives. Each member represents one Federal Constituency of Nigeria. The number of Constituencies per State varies since population strength is the criteria used to determine the number of each State’s Federal Constituencies.
The Green Chamber is led by the Speaker and assisted by the Deputy Speaker along with eight Principal Officers that include Majority Leader, Deputy Majority Leader, Minority Leader, Deputy Minority Leader, Chief Whip, Deputy Chief Whip, Minority Whip and Deputy Minority Whip.
The National Assembly is constitutionally vested with several functions. Prominent among them are lawmaking, representation, oversight and a host of others. Accordingly, the apex parliament operates the committee system. Both chambers of the nation’s highest law-making body appoint members into its Special and Standing Committees. The committees have the role of studying and researching Bills, Motions and other Legislative proposals referred to it and report its findings to the Whole Chamber.
Essentially, the major function of the Parliament, apart from its oversight functions, is to ensure that there are checks and balances within the executive and judiciary arms of government. Which is why the parliamentarian is expected to conduct himself or herself with the highest decorum, responsibility and integrity, but unfortunately the 10th Senate under the presidency Godswill Akpabio is shrouded in controversies, mudslinging, unnecessary bickering and wranglings an unfortunate development which has painted the red chamber in bad light and by extension the entire National Assembly.
Senator Natasha Akpoti-Uduaghan, who represents Kogi Central in the Senate would readily come to mind for explicit sexual harassment allegations against the Senate President, Godswill Akpabio.
Akpoti-Uduaghan before her suspension from the Senate told the world how Senator Akpobio allegedly made inappropriate and suggestive remarks and gestures towards her in the presence of other senators and her husband.
The Nigerian Senate, apparently not wanting to be distracted or bogged down by the tantrums, has since shrugged off the heat generated by Senator Akpoti-Uduaghan’s six months suspension from the Senate and her far- reaching accusations against Senator Akpabio, with a vote of confidence. But the crisis in the Senate persists, the latest being the move by some so called concerned Kogi citizens and women groups to recall Senator Akpoti-Uduaghan.
However, her suspension has raised legal debates within Nigeria’s political establishment. With past judicial rulings against prolonged suspensions, her case raises important questions about the limits of the Senate’s disciplinary powers, the protection of lawmakers’ rights, and the broader implications for democratic governance.
Apart from suspending Akpoti-Uduaghan for six months, the upper chamber also withdrew her security aides, locked her Senate office, suspended her salary and allowances, and banned her from entering the National Assembly premises. Critics questioned whether her punishment was merely a disciplinary action or a politically motivated attempt to silence her.
DAILY ASSET is of the opinion that the unending crisis in the Senate about sexual harassment and bribery allegations – following the declaration of state of emergency in Rivers state – are enough distractions to prevent the lawmakers from performing their duties, a setback which is not good for the nation’s fledgling democracy. It is high time the Senate took its mandate of truly representing the electorate more seriously.
EDITORIAL
Time to Liberate and Resettle IDPs in Nigeria

It is extremely troubling that despite the many efforts put in place by both the federal and state governments to give some succour to Internally Displaced Persons (IDPs) in the country, the situation in their camps has remained very pathetic and precarious.
It is degenerating into humanitarian crisis of major proportion, if adequate steps are not taken to arrest the situation.The number of IDPs in North Central States are: Benue 183,201, Kogi 16,043, Kwara 5,338, Nasarawa 11,051, Niger State 17,054 and Plateau State 133,302.
In the North-East States are: Adamawa 138,385, Bauchi 53,081, Borno 1,444,971, Gombe 21,087, Taraba 49,232 and Yobe 143,974.
In the North-West States are: Jigawa 15,414, Kaduna 214,272, Kano 15,414, Katsina 43,969, Kebbi 3,340, Sokoto 12,672 and Zamfara 125,506.
The figures are from the Displacement Tracking Matrix (DTM) reports published by the International Organization for Migration (IOM) Nigeria that monitors displacement and population mobility in March 2024, and the numbers might have increased since then.
In most states, herdsmen attacks on farmers, banditry and terrorists killings trigger the displacement of indigenes, a reality that seems to be overstretching the security agencies but which must be tackled frontally.
The questions to ask are: Why has it been impossible for the security agencies to keep these bandits terrorizing innocent citizens in their communities at bay? Why are the steps being taken from time to time to end the crisis not yielding positive results?
In a move to change the pitiable situation of IDPs, the Borno state government on 25, February 2024 began the closure of all informal camps for IDPs in Maiduguri and its environs with a plan to close all the camps in due course. At a ceremony during the official closure of the Kawar Maila camp in Maiduguri Governor Babagana Zulum said it had become necessary to close all camps and return thousands of people displaced by the conflict in north-east Nigeria to their ancestral homes to reduce their dependency on government and non-governmental organisations. Thus the state has closed most of the official camps in Maiduguri and its environs.
Following the closure of the camps, the governor relocated some people from the Kawar Maila camp to the newly constructed 500 housing estate in Dalori town in Konduga Local Government Area. The new estate is equipped with a hospital, school and irrigation facilities to re-engage the returnees.
The Borno state government, with assistance from international development partners has been supporting the return of more IDPs from various camps in the state to their respective homes.
This Borno initiative is helping to decongest overcrowded settlements that have degraded the quality of lives in the camps.
The federal government should move swiftly to assist the states to resettle IDPs back to their ancestral homes. Recall that in 2018, the then Vice President Yemi Osinbajo pledged that the federal government would spend 10 billion Naira to rebuild houses for people displaced by herdsmen in Benue State. The pledge was made during his visit to the IDPs camp at Abagena, near Makurdi, in Benue state. He said the funds were approved to rebuild destroyed areas in Benue and other states affected by the crisis. It is not known how much of these funds have so far been released and utilized for the intended purpose.
DAILY ASSET is of the view that since IDPs are no doubt experiencing a severe humanitarian crisis in the country, federal and state governments should step up their strategies to give the victims a sense of belonging. Additionally, it is very crucial for global actors, policy makers and humanitarian organizations to collaborate and ensure the protection and provision of the needs of IDPs. This demands a comprehensive and multifaceted approach that should address the root causes of the crisis and bring an end to IDPs in the country.
EDITORIAL
A Case Against Frequent Fuel Tanker Explosions

It is alarmingly worrisome that between 2020 and now there were over 80 reported petrol tanker explosions, resulting in the loss of over 500 lives with many injuries and millions of property destroyed.
The earliest recorded incident was the Ibadan Patrol Tanker explosion on November 5, 2000, resulting in over 100 deaths with many others injured. On October 15, 2024, a petrol tanker in Majiya town, Taura Local Government, Jigawa state exploded, resulting in the loss of 209 lives and 124 injuries. It was followed by the Dikko fuel tanker accident in Niger state on January 18, 2025, claiming over 90 lives and another along Ugwu Onyeama section of Enugu state and many other petrol tanker explosions in the states of Taraba, Niger, Oyo, among others.Some of the common causes of these accidents include, brake failure, reckless driving and poor road conditions. Regrettably, the Federal Road Safety Commission (FRSC) other security agencies and Ministries, Departments and Agencies (MDAs) are not synergizing to enforce safety standards.In a bid to prevent the high number of explosions bedeviling the country, President Bola Tinubu has set up a high-powered committee to explore the possibilities of halting these calamities.This at most is a cosmetic approach to pull a wool over the eyes of discerning members of the public to cover the crass failure of the FRSC, other security agencies and MDAs, charged with various responsibilities of ensuring safety on our roads.The operations of the FRSC these days are a far departure from what it was during the days of Prof. Wole Soyinka as the Corps Marshall. The FRSC, then was more concerned with enlightenment and education of motorists and inspection of vehicles to prevent accidents while enforcement against recalcitrant road offenders was applied as a last resort – but very tough as a way of correcting them. As a result, motorists imbibed safety driving rules and culture.These days the FRSC sees itself as a revenue generating agency for staffers and government with no structured programme of education and enlightenment of road users for safety.Apart from hundreds of casualties by the explosions which in turn cause severe environmental pollution and huge economic losses, no concrete measures are designed to curtail or reduce their impacts through the review of a case by case basis, with a view to ascertaining the causes and possible solutions.With over half a million Nigerians gruesomely burnt to ashes as a result of petrol tanker explosions at a time other innocent citizens are daily being killed by insurgents, bandits and terrorists, government ought to come up with decisive and actionable steps against offenders rather than set up of “high powered committee,” since the causes of these accidents are well known and it is left for government agencies to enforce regulatory measures to curtail them.Nigeria is gradually degenerating to a killing field with blood streaming everywhere purely because of the government’s late response to critical issues of life and death. And so, It is imperative for the government to urgently prioritize safety on our highways to arrest the systemic failure of transportation of inflammables across the country.While the frequency of these tragedies is alarming and heart-wrenching, the authorities seem to be overwhelmed. Key stakeholders have called for a state of emergency in the transportation sector because economic impact is severe as businesses are being disrupted. Additionally, infrastructures are damaged and emotional stress of victims set in. All of these points to a compelling need for a comprehensive review of safety regulations especially in the area of transportation of petroleum products and to rigorously enforce road safety regulations throughout the country.Such regulations should include but are not limited to mandatory training of drivers on road safety and how to respond to emergencies. The process and protocol for certification must be without compromise. Violators should be made to face strict penalties. Considering that some of the oil tanker accidents occur as a result of bad roads, there is a need for road safety measures to be put in place to reduce the risk of accidents.Again, the National Orientation Agency (NOA) in collaboration with other public enlightenment organizations should urgently embark on sustained public awareness campaigns to educate the populace on the dangers of scooping fuel at the scenes of petrol tanker accidents. Similarly, the NOA and the FRSC in collaboration with transportation companies should establish a task force to monitor the activities of tanker drivers in the country.DAILY ASSET is of the opinion that rather than throw spittle on a raging fire, President Bola Tinubu should deploy a real fire extinguisher to quench it. Therefore, he should immediately relieve the Minister of Transport and the Corps Marshall of their responsibilities for gross failure to apply and comply with their rules of engagement in preventing road carnage of such massive magnitude. This is the sure way of making public officers to be alive to their assigned duties and responsibilities.To avert future tanker explosions often caused by the scooping of fuel at scenes of accidents, the FRSC and other relevant organizations should engage tanker drivers and their owners to emphasize the need for the former to tenaciously observe traffic rules and regulations and that those plying long distances should take turns and rest in the course of their trips.By the same token, the government should urgently address the excruciating poverty in the country because down-trodden citizens are desperate to survive and can go to any length to eke out a living, even to the point of risking their lives.