The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, announced on Thursday that President Bola Tinubu has approved a 20 percent increase in pensions for Armed Forces personnel.
Vice Adm. Ogalla made this disclosure during 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.”
The seminar, which spans two days, is being held at the Naval Dockyard, Victoria Island, Lagos, from July 25 to July 26.
Represented by Rear Adm. Joseph Akpan, the Chief of Policy and Plans at Naval Headquarters, Ogalla commended President Tinubu for prioritizing the welfare of the Armed Forces.
He highlighted that the pension increment took effect in January, reflecting the administration’s swift action in addressing the financial needs of military retirees.
Ogalla said, “This and other packages, including those initiated by various services, are to boost morale for efficiency.
This seminar is coming at a time when strategies are being explored to generate funds independently from budgetary allocation in addressing welfare needs toward enhancing the living standards of personnel.
This initiative is fundamental for operational efficiency constraint that human factor is the most important for the success of any organisation including the Nigerian Navy.
Optimising non-public funds for improved personnel fare boosts wellbeing and facilitates retaining skilled personnel for enhanced operational effectiveness.
These schemes are managed by the Directorate of non-public funds.
These are critical factors necessary toward protecting the maritime environment for the economic prosperity of our nation, which the Nigerian Navy is saddled with.
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.
It will not be out of place if packages like mortgage, among others, can be discussed for a more resilient and capable naval force.
I, therefore, encourage us to utilise these two days to brainstorm on critical policy issues on non-public fund opportunities toward improved operational efficiency for personnel welfare.
We remain grateful and will continue to carry out our statutory mandate for economic prosperity and poverty eradication in line with your renewed hope Nigeria.”
