- N4 Billion Approved: Governor Adeleke approves a substantial bond for pension payments.
- Beneficiaries: Retirees from state and local governments to receive funds.
- Economic Impact: Move aims to alleviate hardship and stimulate the local economy.
- Workers’ Appreciation: Labour leaders commend the governor for his commitment to workers’ welfare.
Adeleke’s Bold Move: N4 Billion for Pensioners
In a landmark announcement during the Workers’ Day celebration at Fakunle High School, Osogbo, Governor Ademola Adeleke revealed his approval of a N4 billion bond dedicated to settling pension arrears under the contributory pension scheme.
Who Benefits From This?
The approved bond will benefit retirees from various sectors within Osun State:
- Civil service parastatals
- Secondary schools
- Tertiary institutions
- Uniosun Teaching Hospital
- Local governments
- Primary schools
Specifically, N2,175,280,322.54 is earmarked for retirees from civil service parastatals, secondary schools, tertiary institutions, and Uniosun Teaching Hospital, while N2,098,466,528.87 will go to local government and primary school retirees.
Tackling Economic Hardship
Governor Adeleke acknowledged the high cost of living and economic challenges faced by residents. He emphasized his administration’s commitment to easing these burdens through collaboration with the Federal Government.
He stated, “As a sub-national government, we have been collaborating with the Federal Government to ease the burden of economic hardship. As a matter of policy, we have gone out of our ways to ensure the success of federal government’s efforts.”
State-Level Initiatives
In addition to supporting federal initiatives, the Osun State government is actively working to reposition the state’s economy. Key strategies include:
- Managing state resources efficiently to benefit all sectors.
- Avoiding borrowing for governance expenses.
- Reducing the state’s inherited debt by over 40 percent.
Local Content Focus
Governor Adeleke highlighted the importance of local content policies in driving economic growth. By engaging local professionals, suppliers, and artisans, the government aims to ensure that Osun’s resources benefit its people directly.
Labour’s Response
Mr. Christopher Arapasopo, Chairman of the Nigeria Labour Congress (NLC), Osun Chapter, expressed his gratitude to Governor Adeleke for his worker-friendly administration. He lauded the governor’s efforts in paying salary arrears, approving promotions, and implementing a new minimum wage of N75,000.
NLC’s Appeals
While appreciating the governor’s efforts, Mr. Arapasopo also appealed for additional support for workers, including:
- Provision of housing and vehicle refurbishing loans.
- Training and retraining programs for workers.
- Recruitment of more individuals into the civil service.
2025 Workers’ Day Theme
The theme for the 2025 Workers’ Day, “Reclaiming the Civic Space in the Midst of Economic Hardship,” underscores the need for workers to assert their rights and engage in advocacy during challenging times.
Additional Information
It’s worth noting that Osun State, like many others in Nigeria, has faced significant challenges in meeting its pension obligations. This approval is a major step towards ensuring the financial security of its retirees. According to the National Pension Commission (PenCom), many states are struggling with unfunded pension liabilities, making Adeleke’s action a noteworthy effort.