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In a landmark reform aimed at improving retiree welfare, the National Pension Commission (PenCom) has announced ‘Zero Waiting Time’ policy for pension payments.

According to the Commission, effective July 2025, all retirees now receive their pensions immediately upon retirement, with disbursements aligned to monthly salary releases from the Federal Ministry of Finance.

Omolola Oloworaran, director general, PenCom made the disclosure Wednesday at a workshop on the Workings of The Contributory Pension Scheme (CPS) for Employees/Pension Desk Officers across the Geo-Political Zones taking place in Lagos.

Oloworaran said, ‘zero waiting time for pension payments has ended; noting that since July 2025, no retiree waits to access their pensions, as payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance.

The DG noted that over the last two decades, the Contributory Pension Scheme (CPS) has rewritten Nigeria’s pension story. We have moved from an era defined by unpaid entitlements and uncertainty to a new order anchored on transparency, sustainability, and inclusiveness. Today, more than 10 million Nigerians from public service employees to private sector workers, and even artisans and the self-employed under the Personal Pension Plan, are covered under the CPS.

Pension assets have grown to over N25 trillion, fuelling national development through strategic investments, while also securing regular monthly pensions for over 552,000 retirees and lump sum benefits for an additional 291,735 retirees.

‘In total, more than 844,000 retirees across both public and private sectors now enjoy retirement benefits that are steady, reliable, and transparent.’

She stated that reform is a continuous journey, noting that in line with the Commission’s mandate to protect contributors and guarantee dignity in retirement, PenCom has rolled out key interventions that are changing lives. Among them is Pension Boost 1.0, which is enhancing pensions for over 241,000 retirees, representing 80 percent of those under Programmed Withdrawal, while monthly pensions has also from N12.157 billion to N14.837 billion, effective June 2025.

According to her, another reform is proposal for reintroduction of Gratuity for Civil Servants working with the Office of the Head of the Civil Service, informing that a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.

‘Approval has been secured for the issuance of N758 billion bonds to clear long-standing pension obligations, including pension increases owed since 2007. This bold step by His Excellency, President Bola Ahmed Tinubu, deserves commendation, as it will bring much-needed relief to vulnerable pensioners and restore confidence in our system.’

Other reform measures, Oloworaran listed include Stronger Prudential Standards for Operators , ‘Minimum capital and governance requirements for Pension Fund Administrators (PFAs) and Custodians have been revised to ensure greater financial stability, service delivery, and technological resilience.’

Oloworaran also highlighted new regulatory initiatives, including whistle-blowing guidelines for pension fund management, a revised investment regulation to promote diversification, and a framework for accredited pension agents and Personal Pension Plans.

She added that, as directed by the President, PenCom will introduce a free healthcare insurance scheme for low-income earners before the end of 2025. Addressing challenges in state pension systems, Oloworaran said the Commission is engaging with state governments to clear outstanding pension arrears and gratuities.

On the objective of the workshop, PenCom said this nationwide sensitization is targeted at deepening trust and ensure that every federal employee and pensioner fully understands the CPS and can access its benefits without delay.

‘In addition, today’s session is part of PenCom’s commitment to building the capacity of stakeholders, and will therefore provide practical solutions and clarity on the modalities for the upcoming 2026 retiree enrolment exercise and the planned one-off enrolment of all employees of treasury-funded MDAs entitled to accrued pension rights.’

Fembol Group, one of the fastest-growing logistics companies in Nigeria, has been recognized as the Highest Volume Customer for APM Terminals Rail Product 2025, an acknowledgment that underscores the company’s commitment to efficient logistics, operational excellence, and reliable cargo movement across Nigeria.

APM Terminals, the largest seaport terminal operator in Nigeria and a global leader in port logistics, presented the award to Fembol representatives – Blessing Peter, Emmanuel Ogunrinde, and Olaide Olujimi – in recognition of the company’s exceptional performance and contribution to the growth of the rail logistics sector.

Receiving the recognition on behalf of the company, Oluwafemi Bewaji, Managing Director, Fembol Group, noted that the award reflects the company’s strategic investment in innovation, technology, and customer-focused logistics solutions.

‘This recognition is more than a milestone; it’s a testament to our commitment to providing seamless, end-to-end logistics for our clients. At Fembol, we’re not just moving cargo, we’re driving efficiency and building stronger supply chains across Nigeria,’ he said.

Fembol has continued to lead in integrated logistics, offering services that span project shipping, customs brokerage, haulage, documentation, and railway delivery, connecting international trade partners to Nigerian industries with reliability and speed.

The award reinforces Fembol’s position as one of the key players shaping the future of logistics in Nigeria’s fast-growing trade environment.

The National Agricultural Land Development Authority (NALDA) has unveiled a nationwide greenhouse farming initiative designed to transform vegetable production, empower young agripreneurs, and support women farmers across Nigeria.

Cornelius Adebayo, executive secretary of NALDA, speaking during an inspection visit to the greenhouse complex at the University of Abuja, said the project, approved by President Bola Ahmed Tinubu, seeks to end the country’s dependence on seasonal vegetable farming and improve supply chains.

‘The greenhouse project is in three phases because one of our biggest challenges is overreliance on seasonal production,’ Adebayo said.

‘Mr President graciously approved the establishment of mega high-tech greenhouses across the country to ensure food availability all year round.’

According to him, the initiative involves the construction of three high-tech, temperature-controlled greenhouses in strategic zones nationwide, alongside net-house greenhouses in Abuja and Ogun State.

‘In Giri, Abuja, we have 20 greenhouse units with one nursery, while in Shagamu, Ogun State, there are 30 units and another nursery,’ he explained. ‘Each site has a packing house, cold storage, and solar energy facilities for sustainable operation.’ Adebayo noted that the greenhouse clusters would bring production closer to consumers, cutting transportation costs and post-harvest losses.

‘They are strategically located to serve major markets such as Abuja and Lagos,’ he added. ‘We are also supporting existing greenhouse farmers in Shagamu and Epe to expand capacity.’

Under the youth empowerment component, young farmers will manage the facilities, each operating two net houses as independent agripreneurs supervised by NALDA. ‘The goal is to engage youth productively while boosting food supply,’ Adebayo said. The women’s empowerment segment will focus on open-field vegetable cultivation in every federal constituency. ‘We plan at least 10 hectares per constituency, with 100 women cultivating crops such as pepper, tomatoes, and leafy greens,’ he revealed.

Pilot sites in Cross River, Taraba, Plateau, and Gombe States are already undergoing land clearing and irrigation installation. The Abuja greenhouse facility is scheduled to be fully operational by December 2025, with others to follow in early 2026.

Emphasising safety, Adebayo said greenhouse farming is ‘100% safe and organic,’ adding that the system simply creates optimal atmospheric conditions for plants to thrive.

He clarified that the programme is not a loan scheme, but a government-backed empowerment initiative aimed at removing infrastructural barriers that hinder smallholder farmers.

‘At NALDA, our role is to provide the enabling environment for agriculture to thrive. Once infrastructure is in place, farmers will do the rest,’ he said.

Adebayo further disclosed that at least 10 young farmers will manage the first 20 greenhouses in Abuja, with expansion plans to 50 units in Abuja and Shagamu. He also appealed to state governments and local communities to provide more land for project scaling.

Highlighting its economic impact, Adebayo said the greenhouse clusters will help stabilise vegetable prices through coordinated offtake and production planning. ‘With structured clusters, we can influence price stability without enforcing price controls,’ he explained.

He concluded that the initiative supports NALDA’s broader goal to decentralise food production, reduce post-harvest losses, and promote urban agriculture near major cities.

‘As the giant of Africa, we must produce our vegetables year-round. This project ensures that fresh, affordable produce is always within reach,’ Adebayo said.

The NALDA Greenhouse Project will produce tomatoes, peppers, avocados, and other vegetables, offering training opportunities for interested youths in partnership with universities and agricultural institutions.

The Senate will on Thursday, October 16, screen Joash Amupitan (SAN), the nominee of President Bola Tinubu, for the position of chairman of the Independent National Electoral Commission (INEC).

This was disclosed in a statement issued on Wednesday by Bullah Audu Bi-Allah, Director of Information at the National Assembly, on behalf of the Office of the Secretary, Research and Information.

According to the statement, the screening exercise will take place at the Senate Chamber, National Assembly Complex, Abuja, with full media coverage expected.

‘The Office of the Secretary, Research and Information, wishes to notify members of the press and the general public that the Senate will, tomorrow, Thursday, 16th October, 2025, conduct the screening of the nominee of President Bola Ahmed Tinubu, GCFR, Prof. Joash Ojo Amupitan, SAN, as Chairman, Independent National Electoral Commission (INEC),’ the statement read.

It added that members of the Senate Press Corps have been requested to provide comprehensive coverage, while television stations are expected to broadcast the proceedings live.

‘The Directorate appreciates your continued cooperation and professional coverage of National Assembly activities,’ the statement added. President Tinubu had, on Tuesday, transmitted Amupitan’s nomination to the Senate for confirmation, following the expiration of the tenure of Mahmood Yakubu, who served two terms as INEC chairman. Amupitan, a Senior Advocate of Nigeria and law professor at the University of Jos, is expected to bring legal depth and institutional experience to the electoral body as the country prepares for off-cycle governorship elections in Ondo, Osun and Anambra States, ahead of the 2027 general elections.

His nomination has, however, drawn mixed reactions from civil society organisations and opposition parties, who have urged the Senate to ensure a transparent and non-partisan screening process.

Emomotimi Agama, Director-General, Securities and Exchange Commission (SEC) has said that Nigeria’s transition to a T+2 settlement cycle in the capital market will significantly enhance market efficiency, reduce risks, and strengthen investor confidence.

Speaking at a Trade Associations Roundtable on ‘Ensuring Stakeholder Readiness for T+2 Settlement’ held in Abuja on Wednesday, Agama said the migration from the current T+3 to T+2 cycle represents a strategic step toward aligning Nigeria’s capital market with global best practices.

According to him, the move is not just a technical reform but a major milestone that will make the Nigerian market more competitive and resilient. He said: ‘A shorter settlement cycle is a hallmark of a mature, dynamic, and competitive market. It directly addresses several key objectives: It significantly reduces counterparty risk and market exposure. The less time between trade execution and final settlement, the lower the potential for a default to ripple through the system.

‘It boosts market liquidity by returning capital to investors more quickly, allowing for its redeployment and fostering greater market activity. It aligns our market with international best practices, enhancing our attractiveness to foreign investment and reinforcing Nigeria’s position as a key player in the global financial arena.

‘Ultimately, a more efficient and safer settlement system strengthens the bedrock of our market-investor confidence’.

Agama explained that by shortening the time between trade execution and final settlement, the T+2 system will lower market exposure and minimize the potential for defaults, adding that faster settlement would improve liquidity by returning capital to investors sooner, enabling them to reinvest and contribute to greater market activity.

He noted that many advanced markets are already moving toward T+1 settlements, adding that Nigeria must continue to evolve to remain globally relevant. ‘The global financial landscape is constantly changing, driven by technology and investor demand for efficiency. The transition to T+2 is, therefore, a strategic imperative to keep our market competitive and future-ready,’ he said.

The SEC boss emphasised that the success of the transition depends on the collective readiness of all market participants – from brokers and custodians to clearing houses and investors. He urged trade associations to take a leading role in preparing their members for the operational and technological changes that the new system will require.

‘Your readiness and that of your members is the single most important determinant of our success. This means recalibrating back-office operations, upgrading technology systems, streamlining settlement processes, and ensuring that all market participants are informed and prepared,’ he said.

Agama assured stakeholders that the Commission would work closely with trade associations, market operators, and Financial Market Infrastructures such as the Nigerian Exchange Limited and the Central Securities Clearing System to ensure a smooth and coordinated transition.

He said the Commission would also intensify investor education and awareness campaigns to ensure that all market participants understand the implications and benefits of the change. ‘The move to T+2 is a necessary leap forward for the Nigerian capital market. It is a testament to our collective ambition to build a market that is efficient, resilient, and globally competitive,’ he stated.

Agama called on stakeholders to engage constructively and collaboratively to identify potential bottlenecks, share best practices, and agree on a clear roadmap for implementation.

He reaffirmed SEC’s commitment to providing the necessary regulatory support and guidance, urging all market participants to work together to make the T+2 transition a ‘resounding success and a proud milestone’ for Nigeria’s financial markets.

WASHINGTON D.C|| Nigeria’s general government gross debt, (debt-to-GDP) is projected to decline steadily over the next two years, according to the latest Fiscal Monitor Report released by the International Monetary Fund (IMF) at the ongoing Annual Meetings of the World Bank and IMF, in Washington D.C.

The report indicates that Nigeria’s debt-to-GDP ratio will fall from 39.3 percent in 2024 to 36.4 percent in 2025, and further to 35 percent in 2026, reflecting growing fiscal discipline and economic stability.

According to the IMF, the figures include overdrafts from the Central Bank of Nigeria and liabilities of the Asset Management Corporation of Nigeria (AMCON).

The IMF’s projection signals a gradual improvement in Nigeria’s debt sustainability outlook, driven by expected fiscal consolidation measures, improved revenue mobilization, and the positive effects of economic growth. A declining debt-to-GDP ratio implies that the country’s debt burden is shrinking relative to the size of its economy, a development that underscores progress in public financial management and reduced dependence on borrowing. Speaking at a press conference on the report, Vitor Gaspar, director of the IMF’s Fiscal Affairs Department, emphasised that Nigeria’s fiscal stance remains consistent with efforts to curb inflation while supporting sustainable growth. He was joined by Era Dabla-Norris, Deputy Director; Davide Furceri, Division Chief; and Tatiana Mossot, Senior Communications Officer, all from the IMF’s Fiscal Affairs Department. They responded to inquiries about Nigeria’s new borrowing plans and offered policy advice to help the country maintain fiscal stability.

Gaspar noted that Nigeria has made notable progress in reforming its tax administration and streamlining its tax codes to boost revenue without placing undue pressure on low-income earners or the business sector. He explained that reforms have helped reduce tax expenditures and create a fairer tax system, while the government continues to improve efficiency in public spending. He stressed that there remains significant scope to enhance revenue collection through further administrative reforms and to increase social spending aimed at addressing vulnerabilities within the population.

‘The policies being implemented in Nigeria are consistent with a structural fiscal framework that strengthens both the revenue and expenditure sides of government operations,’ Gaspar said. ‘There is still room to improve tax administration and spending efficiency, while also expanding social programmes to protect vulnerable groups.’

The IMF’s broader Fiscal Monitor also paints a cautious picture of global public debt dynamics. Gaspar disclosed that global public debt prospects have deteriorated further since the last meeting in April, with debt projected to exceed 100 percent of global GDP, the highest level since 1948. He warned that debt could rise even faster under adverse conditions, with a 5 percent risk scenario pushing global public debt to 124 percent of GDP by 2029. According to the IMF, fiscal risks remain unevenly distributed across countries. Major advanced economies such as Canada, China, France, Italy, Japan, the United Kingdom, and the United States have debt levels exceeding 100 percent of GDP but benefit from deep financial markets and strong policy credibility.

‘So drivers of global debt development, from a mechanical decomposition viewpoint, the countries that are pushing the global public debt ratio are large countries’.

In contrast, many emerging markets and low-income countries, despite having lower debt ratios, face higher fiscal risks due to limited policy space and weaker financing access. The IMF’s latest assessment shows that 55 countries are currently at high or distressed fiscal risk levels.

Gaspar explained that rising global interest rates have drastically altered the debt landscape, increasing borrowing costs and straining government budgets. Interest spending is projected to rise to 2.9 percent of global GDP in 2025, up from 2 percent in 2020, and could continue increasing through the decade. He added that public spending pressures from defense needs to climate and disaster responses combined with resistance to higher taxes, are pushing many countries toward unsustainable fiscal paths.

He emphasised that restoring fiscal buffers is essential to safeguard economies from future shocks and maintain financial stability. ‘Starting from already high deficits and debts, the persistence of spending above revenue will push debt to ever higher levels,’ he warned.

‘Countries must act now to strengthen fiscal discipline, build resilience, and enhance growth prospects through effective public spending and institutional reforms.’

Gaspar further highlighted that countries can support long-term growth by adjusting the composition of their budgets to prioritise education, infrastructure, and other growth-friendly areas, without necessarily increasing total expenditure. Enhancing spending efficiency, improving governance, transparency, and accountability, he said, are crucial to building citizens’ and investors’ trust, key elements for sustainable financing and inclusive development.

He reaffirmed the IMF’s commitment to supporting member countries, including Nigeria, in designing fiscal and structural policies that promote growth, safeguard stability, and strengthen public trust in government institutions.