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The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, announced on Thursday that President Bola Tinubu has sanctioned a 20% pension raise for Armed Forces personnel.
Vice Adm. Ogalla made this statement at the 2024 Accounts and Budget Seminar, which was themed “Optimising Nigerian Navy Non-Public Fund Opportunities in a Dynamic Economic Environment: The Nigerian Navy Personnel in Focus.”
Rear Adm. Joseph Akpan, Chief of Policy and Plans at Naval Headquarters, represented Ogalla at the two-day event held from July 25 to 26 at the Naval Dockyard, Victoria Island, Lagos.
Commending President Tinubu for his dedication to the welfare of both serving and retired Armed Forces personnel, Ogalla mentioned that the pension increase, implemented in January, is part of various efforts to boost morale and efficiency.
Ogalla noted, “This seminar comes at an opportune moment as we look for ways to generate funds independently from budgetary allocations to support welfare needs and elevate the living standards of our personnel.”
He stressed the importance of maximizing non-public funds to bolster personnel welfare, which ultimately contributes to retaining skilled individuals and enhancing operational performance.
Highlighting various support schemes, Ogalla mentioned that the Nigerian Navy offers navy insurance, car refurbishing loans, and welfare loan programs, overseen by the Directorate of Non-Public Funds.
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He added that “he’s delighted that the seminar features lectures aimed at clarifying these aspects and fostering innovations in the use of non-public funds for personnel welfare. Discussions on benefits such as mortgages could lead to a more resilient and capable naval force”.
Thanking President Tinubu for his guidance and consistent support, particularly in enhancing welfare packages for the Armed Forces, Ogalla stated, “We remain committed to executing our statutory mandate for economic prosperity and poverty eradication in line with your renewed hope for Nigeria.”
