Oyo jacks up payment of pensions, gratuities to N1bn

…pledges to unlock MSMEs potentials

Governor Seyi Makinde of Oyo State has approved the increment of monthly payment of pensions and gratuities of pensioners in the State and Local Governments from N456 million to N1 billion with effect from 25th of July, 2024.

The governor stated this at the 70th birthday celebration of the Secretary of the Nigeria Union of Pensioners (NUP), Oyo State chapter, Segun Abatan, held at Pensioners’ House, Agbarigo, Ibadan.

Governor Makinde, who noted that his Administration inherited huge unpaid pensions and gratuities, said the State had paid about N52 billion for pensions and gratuities both at the State and Local Government levels since 2019.

He promised that his Administration would intensify efforts to ensure that a substantial part of the backlog, if not all, is cleared before the expiration of his current tenure in 2027.

While congratulating the celebrant, Governor Makinde, described Abatan as a great man whose focus is the welfare of members of his Union.

Read also: More Nigerians fall back on pension savings for survival

Meanwhile, the Oyo State Government has said it is committed to providing the necessary support for Micro, Small, and Medium Enterprises (MSMEs) to unlock their full potentials and ensure their long-term success.

Adeniyi Adebisi, Commissioner for Trade, Industry, Investment and Cooperatives, said this in Ibadan when he played host to the organizers of the forthcoming Trade Fair in Ibadan.

Recognising the vital role that MSMEs play in the Nigerian economy, Adeniyi stressed the Government’s responsibility to support these businesses, considering that they are the lifeblood of economic prosperity.

The Commissioner acknowledged the importance of collaboration between the government and private sector in driving economic growth and development.

Also playing host to the Nigerian Association of Small Scale Industrialists (NASSI) he assured both Associations of his Ministry’s support and looked forward to working with them to achieve their shared goals.

He highlighted the importance of infrastructure development and security in creating a conductive environment for investments to thrive in the State.