Connect with us

VenturesNow

Nigerian govt begins 2025 retirees’ enrollment

Published

on

Nigeria’s National Pension Commission has declared that it has formally begun the process of enrolling potential retirees in 2025, highlighting the significance of early planning.

The commission demanded that ministries, departments, and agencies refrain from any last-minute rush that can interfere with the enrolment process and make it more difficult for retirees to adjust to their new stage of life.

At a workshop held by the National Pension Commission on Monday in Abuja to launch the online enrolment process for pension desk officers of MDAs funded by the Federal government’s Treasury for 2024, Omolola Oloworaran, the acting director-general of the commission, revealed this information.

Currently, 7,348,028 people in Nigeria, or 10.58% of the country’s working population, are registered members of the National Pension Scheme. The commission reported that it paid N1.1tn to 129,435 life annuity applicants in the second quarter of 2024, reflecting advances in pension benefits.

During her speech, the acting director general (DG) said that the purpose of this exercise is to gather precise information so that the federal government may evaluate the Accrued Pension Rights of potential retirees and make the appropriate budgetary adjustments.

The commission, she continued, has advanced significantly by automating the enrolment procedure and launching an online enrolment application that makes retiree enrolment, verification, and registration easy.

Oloworaran said, “At the National Pension Commission, we hold firmly to our statutory responsibility of ensuring a seamless pre-retirement verification and enrolment process for employees of Federal Government Treasury-funded MDAs. Each year, we embark on this exercise to gather accurate data for determining the Accrued Pension Rights of prospective retirees, so that the Federal Government can make the necessary budgetary provisions.

“Today’s session is not just a routine gathering; it is part of PenCom’s commitment to building the capacity of stakeholders, specifically you, the Pension Desk Officers, whose roles are indispensable in this process. Since 2021, we have made significant strides by automating the enrolment process, and introducing an Online Enrolment Application that allows seamless registration, verification, and enrolment of retirees.

“This system, comprising the Retiree, MDA, PFA, and PenCom modules, represents the future of pension administration in Nigeria. As PDOs, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified. Hence, this workshop aims to equip you with the skills and knowledge needed to effectively use the application and address any challenges that arise during the enrolment process. We are also here to confront the issues of the past head-on.”

VenturesNow

South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

Published

on

Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices will be raised in South Africa on Wednesday.

The cost of unleaded petrol will go up by 25 cents per gallon for both 93 and 95. Depending on the sulphur concentration, diesel’s wholesale price will increase by either 20 or 21 cents per litre.

Illuminating paraffin’s wholesale price will increase by 21 cents per litre, and the maximum retail price of LP gas will rise by 36 cents per kilogramme.

Fuel prices dropped to their lowest points since February 2022, when Russia’s invasion of Ukraine disrupted supply chains and limited the import of Russian crude oil, sending oil prices to multi-year highs. This was at the beginning of October.

The Department of Mineral and Petroleum Resources stated on Monday that the average price of Brent Crude oil rose from $72.82 per barrel to $75.07 over the last month, following several months of pressure on the price of oil.

“The main contributing factor is the continued conflict in the Middle East and the stand-off between Iran and Israel,” the department said in a statement.

Investors are worried that an Israeli strike on Iran’s oil infrastructure will not only remove Iranian crude from the market but also incite a larger confrontation including other oil exporters in the region.

Since oil is priced in dollars, the rand exchange rate also affects fuel prices in South Africa.

According to the department, the rand averaged R17.53/$ over the previous month, down from R17.68 in September. However, this was insufficient to offset the rising price of oil.

Continue Reading

VenturesNow

Fitch upgrades Egypt’s credit rating to ‘B’

Published

on

Fitch, a credit rating agency has upgraded Egypt’s rating from “B-” to “B” citing tighter monetary circumstances and the country’s improved financial standing thanks to a number of foreign investments and assistance.

“Egypt’s external finances have been bolstered… FX buffers have recovered, and we have somewhat greater confidence that the more flexible exchange rate policy will prove more durable than in the past,” Fitch said, as it also assigned Egypt a stable outlook.

As it attempts to recover from a protracted economic crisis that has resulted in record inflation, a growing debt load, and significant currency devaluations over the last two years, the North African country has been looking for significant investments.

In order to stabilise its economy, Egypt obtained a $8 billion loan package from the International Monetary Fund (IMF) this year, along with a $35 billion real estate investment package from Abu Dhabi and about $1 billion from the EU.

The IMF insisted that the loan amount was suitable, despite Egyptian President Abdel Fattah al-Sisi’s suggestion last month that his government should reevaluate the agreement in light of the country’s growing regional concerns.

Fitch also cautioned on Friday that Egypt faces a significant risk from a further escalation of the regional conflict.

Yemen’s Houthi attacks on Red Sea ships have caused trade to be rerouted from the Suez Canal, which has negatively impacted tourism and Egypt’s revenue stream. There are also dangers associated with the larger Middle East conflict.

Continue Reading

EDITOR’S PICK

Sports12 hours ago

Chepkirui leads Kenya to podium sweep at New York City Marathon

Kenya had a clean sweep of the podium at the 2024 New York City Marathon on Sunday as Sheila Chepkirui...

Tech12 hours ago

AfriLabs to host ‘Annual Gathering’ in Cape Town

Pan-African innovation hub, AfriLabs, has announced Cape Town, South Africa, as the host of its “Annual Gathering” scheduled to hold...

Metro12 hours ago

Zambia: President Hichilema urges traditional leaders to invoke rainmaking powers amid drought

Zambian President, Hakainde Hichilema, has called on traditional leaders to call upon their rainmaking powers by praying for rain as...

VenturesNow16 hours ago

South Africa: Petrol, diesel prices to rise on Wednesday. Here’s why

Following an increase in the price of oil due to the crisis between Iran and Israel, petrol and diesel prices...

Metro19 hours ago

Tiinubu committed to easing hardship Nigerians are going through— Info Min, Idris

Nigeria’s Minister of Information and National Orientation, Mohammed Idris, has, once again, reiterated President Bola Tinubu’s dedication and commitment to...

Culture2 days ago

Ghanaians react angrily as American video vixen Rubi Rose tours Jubilee House

Some Ghanaians have been outraged following a tour of the Jubilee House, the country’s seat of government, by American entertainer...

Metro2 days ago

Zambia, Japan celebrate 60 years of bilateral relationship

Zambia and Japan, during the weekend, celebrated 60 years of bilateral relationship on the occasion of the African country’s 60th...

Tech2 days ago

Young African tech-preneurs invited to apply for 2025 Anzisha Prize

Young tech-preneurs in Africa have been extended an invitation to apply for the 2025 edition of the Anzisha Prize, which...

Sports2 days ago

Reports say Libyan authorities have begun mass arrest of Nigerians following CAF verdict

Reports making the rounds say Libyan authorities have embarked on a mass arrest of Nigerians living in that country following...

Metro2 days ago

Nigeria: Human Rights Commission records 3,099 cases of child marriages in three months

The National Human Rights Commission (NHRC) says it has recorded no fewer than 3,099 cases of child marriage in Nigeria...

Trending