₦airaland Forum

The Federal Executive Council has approved the implementation of a transformative Exit Benefit Scheme that grants retiring Federal Civil Servants a gratuity equal to 100 per cent of their total annual emolument.

Effective from 1 January 2026, the scheme marks a major milestone in the Federal Government’s commitment to strengthening the welfare architecture of the Civil Service and ensuring that officers who have devoted a minimum of 10 years of service to the nation retire with dignity and financial security.

This was contained in a statement signed on Thursday by the Director of Public Relations in the Office of the Head of the Civil Service of the Federation, Eno Olotu.

The approval followed extensive deliberations and technical input from an Inter-Ministerial Technical Committee constituted by the Office of the Head of the Civil Service of the Federation.

The committee worked closely with the National Pension Commission, the Budget Office of the Federation, and the Office of the Accountant-General of the Federation to design a sustainable and impactful implementation framework.

The Exit Benefit Scheme is a strategic enhancement of the existing Contributory Pension Scheme framework. It is specifically designed to provide a substantial financial safety net at retirement, thereby strengthening long-term income security for Federal Civil Servants in treasury-funded ministries, extra-ministerial departments, and agencies.

The Head of the Civil Service of the Federation, Didi Walson-Jack, commended the Federal Executive Council for what she described as a watershed approval.

She said the decision clearly demonstrates that President Bola Ahmed Tinubu’s administration recognises the dedication, sacrifice, and professionalism of Federal Civil Servants.

“This approval is a profound acknowledgement of the invaluable contributions of our Civil Servants who have devoted their productive years to public service and national development.

“The Exit Benefit Scheme significantly enhances the retirement package of our officers and boosts confidence in the Federal Government’s commitment to their welfare,” she stated.

Walson-Jack added that the initiative aligns with the ongoing reform agenda aimed at building a more motivated, performance-driven, and people-centred Civil Service. She assured that comprehensive implementation guidelines would be communicated in due course.

The payment of gratuity to Federal Civil Servants comes 22 years after the introduction of the Contributory Pension Scheme.

The approval by the Federal Executive Council underscores the Federal Government’s commitment to policies that promote improved welfare while institutionalising reforms that secure the future of the Federal Civil Service.

DeLaRue:
It makes perfect sense.

A naira that rises too fast can be as damaging to the economy as one that falls too fast.

The secret to sustainable economic growth is stability. A slow but steady naira recovery is better.

If naira hits 1000 to a dollar too fast, Nigerian consumers will benefit hugely, but the biggest long term beneficiary will be China, as Nigerians will go back to importing everything under the sun from China. This will destroy our own manufacturing companies, and there will be tremendous job loses. Once cheap Chinese imports destroy our manufacturers, then we will effectively become an economic colony of China.

Remember too that if the naira rises too sharply, the record levels of non-oil exports we have had in the past 2 years will disappear as our produce becomes more expensive for foreign buyers. A strong naira makes our non-oil exports expensive for foreign buyers. They will look elsewhere to buy.

Economics is not a one way thing. For every positive, there are often potential negatives. It is the job of the CBN to manage conflicting possibilities.

I suspect the CBN will probably prefer naira to steadily rise to say around N1250 by end of 2026, N1100 by end of 2027, and N1000 by end of 2028. Steady as you go.

But the CBN will be under tremendous political pressure from APC leaders to allow naira to gain fast later this year so APC can go into 2027 elections saying 'We told you so...Mr Tinubu is an economic genius. Vote for him to perform more magic'.

It is what politicians all over the world do. Mr Trump has been trying to sack the American Central bank Governor for several months now because the Governor refused to cut interest rate as fast as Mr Trump wants.

nedekid:
You are talking rubbish, maybe you live abroad and wish plenty poverty in Nigerians so with the little fx you bring in you buy people's land, houses, wives, girlfriends cheaply.
The most a dollar should be is 460, atleast that was what Tinubu met it at while the pound at 560. Abi don't you know how this people have made Nigerians poor? Go outside the country with your naira, what is hard for you to spend money on is what people from the legacy poorest countries of the world, even the previously yeye African countries we use to do big brother for will blowing money on while you will be calculating it's equivalent in naira. Enter German kebab, buy their wrap with some extras, you are down £20, enter KFC, £20, na N45k alert you go get for your Eg Zenith bank card!
Oga at 1000 to $1, how will Nigerians ever ever ride a brand new car? Eg a corolla that cost $28k will automatically be N28m, by the time you ship, add duty, add dealer profit the car will be N60m, you personally can you afford 60m for a baby car that in a sane environment it is car your child that turns 16 should be driving? Haba I was with my younger brother the other day in his gleaming Mercedes, a small size one with those fancy amoled wrap around screen dashboard, guess what? He said he wanted to gift it to his 17 year old son! Benz ohh, moto they will call 100s of millions of naira for, person say him wan dash small pikin, and he said it so causally! Note that he is not rich, but the fact is that the purchasing power in that country makes him able to afford it! Where is our own purchasing power as Nigerians? All the cars you see in the roads of recent are all old, junk, scrappy car, go to south Africa, Kenya, Ghana and you see we in naija are celebrating buying cars fit for the junk yard!
To return some sort of dignity to Nigeria, Tinubu needs to return naira to atleast N300 to the dollar.

nightsaint:
How would a weak naira encourage production? Someone should please educate me.

Hardey33:
In need of an android phone with type C charger
Budget 40k or less
Location Lagos
Can be any brand those old redmi (mi A2 , mi 6X) or and any other product

JuanDeDios:
He didn't have to go through anything if he didn't go messing around with a gun. His stupidity got him into that court room. I hope they make an example of him.