• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 25, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal Govt To Incur N2trn Liabilities As Senate Passes Police Pension Bill

by Bukola Idowu
2 years ago
in Business, Cover Stories
Pension
Share on WhatsAppShare on FacebookShare on XTelegram

The Senate has passed the Bill for the Establishment of a Police Pension Board, a move that will balloon the federal government’s pension liabilities by N2 trillion, according to stakeholders in the industry.

Advertisement

The bill excludes the Nigeria Police Force (NPF) from the Contributory Pension Scheme (CPS) and returns the force to the old Defined Benefit Scheme (DBS).

Actuarial evaluations, according to industry stakeholders, indicate that it would cost the federal government an additional N2 trillion in pension liabilities for the 300,000 police personnel.

Under the contributory scheme, employees and employers contribute towards pension but the government takes full responsibility under the defined benefit scheme and this had led to irregular pension payments because of budgetary constraints for the federal government.

The upper chamber announced on its Twitter handle on Tuesday that it had passed the bill, despite opposition from industry stakeholders, at the public hearing organised by the Senate Committee on Police Affairs on January 20, 2023.

RELATED

Passengers Face Flight Delay As Multiple Bird Strikes Hit Air Peace Aircraft

4 Months To Yuletide: Air Peace, United Nigeria Jack Return Tickets To N677,000

14 hours ago
Equities’ Investors Lose N201bn W-o-W Amid Post-MPC Rebalancing

Broad-based Selloffs Deepen Market Losses By N2.29trn W-o-W

14 hours ago
ADVERTISEMENT

The National Pension Commission (PenCom), which regulates the industry, the Pension Fund Operators Association of Nigeria and the Nigeria Labour Congress (NLC) all opposed the bill.

The former secretary to the government of the federation (SGF), Boss Mustapha, had written to the Inspector General of Police in January 2022 to reiterate that an SGF circular. Ref. 59149/S.1/C.1/11/266, dated July 20, 2021, which said the police must be under the Contributory Pension Scheme (CPS), remained in force.

The former SGF also referred to the White Paper on the report of the Presidential Committee on Restructuring and Rationalisation of Federal Government Parastatals, Commissions and Agencies which expressly forbade any government body, apart from the military and the intelligence services, from exiting the CPS.

ADVERTISEMENT

In 2004, the Olusegun Obasanjo administration carried out a comprehensive pension reform to address the plight of pensioners who were always owed years in arrears.

Nigeria has moved from pension liabilities of N2.4 trillion to accumulated pension assets of N15.45 trillion as of February 2023.

But under this bill passed by the Senate, the federal government will now be fully responsible for police pensions.

LEADERSHIP recalls that Police retirees had cried out to the National Assembly to quickly pass the bill before it to enable them to exit from the contributory pension scheme which, they said, has impoverished them and subjected them to serious hardship.

The police retirees said the bill before the National Assembly would create a Police Pensions Board which would handle the retirement issues of the police, pointing out that their counterparts in the military and intelligence services had since exited the contributory pension scheme, with their pension matters being smoothly handled by boards created for that purpose.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Pension
SendShare10355Tweet6472Share
ADVERTISEMENT
Previous Post

9th House Passed 510 Bills, 2,000 Motions In 4 Years – Gbajabiamila

Next Post

Governors Back Tinubu On Fuel Subsidy Removal

Bukola Idowu

Bukola Idowu

You May Like

Passengers Face Flight Delay As Multiple Bird Strikes Hit Air Peace Aircraft
Business

4 Months To Yuletide: Air Peace, United Nigeria Jack Return Tickets To N677,000

2025/08/24
Equities’ Investors Lose N201bn W-o-W Amid Post-MPC Rebalancing
Business

Broad-based Selloffs Deepen Market Losses By N2.29trn W-o-W

2025/08/24
Presco Records N58.6bn Pre-tax Profit In Q1
Business

Presco’s Shareholders Approve N26.3bn Dividend

2025/08/24
Nigeria Leads Africa In Stablecoin Adoption with $22bn In Transactions
Business

Nigeria Leads Africa In Stablecoin Adoption with $22bn In Transactions

2025/08/24
Experts Advocate Strong Partnership, Intervention Models To Accelerate Shift To Renewable Energy
Business

Experts Advocate Strong Partnership, Intervention Models To Accelerate Shift To Renewable Energy

2025/08/24
FCMB Partners Leading Real Estate Firms On Affordable Housing
Business

FCMB Group Proposes Equity Capital Raise

2025/08/24
Leadership Conference advertisement

LATEST

Gunmen Kill Couple, 5 Others In Imo Community

At Enugu NBA Confab, Sultan Harps On Integrity Of Judicial System

At NBA Confab, Malema Recalls Nigeria’s Support For South Africa During Darkest Hours

BBNaija10: After Victory, Gigi Jasmine Evicted

BBNaija10: Ex-HoH Victory Evicted

Concerns As Unregulated Sexual Stimulants Flood Nigeria, Others

Airport Saga: Gov Eno Sues For Peace, Pledges Support For Ibom Air, Emmanson

BBNaija10: Mensan Becomes ‘Most Influential’ Housemate Of Week 4

JUST-IN: Benue Assembly Elects Ermberga As New Speaker

Kaduna NUJ Chairman Alabelewe Loses Wife

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.