KEY POINTS
- Osun pensioners demand N25,000 raise to combat inflation and high living costs.
- The increase would help retirees meet daily expenses and medical bills.
- Pensioners seek government intervention to ensure fair benefits and timely payments
Pensioners in Osun State, Nigeria, are demanding an N25,000 monthly raise in their benefits to cushion the impact of rising inflation and increased living costs. The retirees argue that their current pensions are no longer sufficient to meet their basic needs, especially as the prices of food, healthcare, and essential services continue to rise.
According to Vanguard, the Osun State pensioners made their demands during a public protest in front of the Osun State Government House. The protesters called on Governor Ademola Adeleke to urgently address their concerns and increase their pensions to reflect the economic realities facing the state.
The demand for an additional N25,000 per month has sparked discussions on how state governments can better support retirees. Pensioners argue that their benefits have not kept pace with inflation, forcing many retirees to face financial hardships despite years of service to the government.
Osun pensioners demand N25,000 raise to address rising inflation
The call for a N25,000 raise in pensions is rooted in the growing impact of inflation on the everyday lives of retirees. Rising food prices, fuel costs, and healthcare expenses have significantly reduced the purchasing power of pensioners in Osun. The retirees argue that their monthly benefits have become inadequate, with some of them unable to meet basic needs such as food, shelter, and medical care.
The protesters highlighted that many retirees have been left to rely on support from family members, as their pensions are no longer sufficient. With the recent removal of fuel subsidies and rising transportation costs, pensioners have faced even greater financial strain.
Economic analysts have echoed the pensioners’ concerns, emphasizing that inflationary pressures have eroded the value of pensions across Nigeria. According to The National Bureau of Statistics (NBS), Nigeria’s inflation rate reached 24.08% in July 2024, the highest in years. This spike in inflation has directly affected retirees, many of whom depend solely on fixed pension payments.
How the pension raise could ease economic hardship for retirees
An increase of N25,000 in monthly pensions could provide significant relief for pensioners in Osun State. This additional amount would allow retirees to cope better with the rising cost of basic necessities. For instance, the added funds could support access to essential healthcare services, cover medical bills, and ease the burden of purchasing food and other essentials.
The proposed raise is also seen as a way to restore dignity to retirees, many of whom have spent their working years serving the state. The Osun State chapter of the Nigeria Union of Pensioners (NUP) has emphasized the need for fair treatment of pensioners, noting that timely payments and fair increases in pensions are crucial for retirees’ well-being.
According to pensioners, a failure to meet their demands could lead to increased hardship and a lower standard of living for thousands of retirees. Many of them have voiced frustration over the delays in receiving their pensions, as well as the government’s failure to review payments in line with current economic realities.
What Osun government can do to meet pensioners’ demands
The Osun State government has been urged to prioritize the payment of pensions and gratuities as part of its fiscal policy. To meet the demand for a N25,000 raise, the government may have to explore ways to increase its internally generated revenue (IGR) or leverage federal allocation funds to supplement pension payments.
Experts believe that one potential solution lies in better management of state resources and increased budgetary allocation for pension payments. By allocating a larger portion of the state budget to pensions, the Osun government can ease the financial strain on its retirees.
Additionally, the state government has been advised to negotiate with pensioners’ unions to reach a middle ground. Similar negotiations have led to favorable outcomes in other Nigerian states where pensioners faced similar challenges. Reforms, such as pension indexation (linking pensions to inflation rates), could also be introduced to ensure that pension payments automatically adjust to the cost of living.
According to Premium Times, Governor Ademola Adeleke has pledged to prioritize the welfare of senior citizens. However, pensioners argue that urgent action is needed to prevent further hardship. In previous negotiations, the Osun State government cited limited fiscal capacity as a barrier to increasing pensions, but pensioners insist that funds can be sourced through debt restructuring, grants, or improved tax collection.
