President Bola Tinubu has sanctioned a 20% pension hike for Armed Forces personnel, as announced by Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, on Thursday.
Speaking at the 2024 Accounts and Budget Seminar themed “Optimising Nigerian Navy Non-Public Fund Opportunities in a Dynamic Economic Environment: The Nigerian Navy Personnel in Focus,” Ogalla conveyed the news through Rear Admiral Joseph Akpan, Chief of Policy and Plans, Naval Headquarters. The seminar, spanning two days from July 25 to July 26, took place at the Naval Dockyard in Victoria Island, Lagos.
Ogalla lauded President Tinubu for his commitment to the welfare of both active and retired Armed Forces personnel, noting that the pension increase has been effective since January.
“This and other packages, including those initiated by various services, are to boost morale for efficiency,” Ogalla stated.
The seminar arrives at a pivotal time when strategies are being devised to generate funds independently of budgetary allocations, aiming to address welfare needs and enhance the living standards of personnel. Ogalla emphasized the importance of the human factor in operational efficiency, stating, “Optimising non-public funds for improved personnel boosts wellbeing and facilitates retaining skilled personnel for enhanced operational effectiveness.”
He outlined several schemes managed by the Nigerian Navy to support personnel welfare, including navy insurance, car refurbishing loans, and welfare loan schemes, all overseen by the Directorate of Non-Public Funds. Ogalla underscored the necessity for transparency, accountability, and ongoing evaluation in managing these schemes to meet personnel needs effectively.
“I am delighted that lectures for this seminar have been crafted to elucidate these factors as well as evolve innovations to utilise non-public funds to improve personnel welfare,” Ogalla said. He also suggested exploring additional packages like mortgage options for a more resilient and capable naval force.
Ogalla expressed gratitude to President Tinubu for his guidance and unwavering support, highlighting the importance of welfare packages in fulfilling the Navy’s statutory mandate.
“We remain grateful and will continue to carry out our statutory mandate for economic prosperity and poverty eradication in line with your renewed hope for Nigeria,” he affirmed.
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