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FG Unveils Pension-support Loan For Retirees

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In a move aimed at boosting the nation’s consumer credit system, the Federal Government, through the Nigerian Consumer Credit Corporation, on Thursday, launched a pension-backed loan scheme designed to empower retirees.

The initiative, launched in collaboration with Leadway Trustees and Optimus Bank, offers retirees access to loans starting from ₦50,000, with the maximum benchmark to be determined by the size of the pension income.

Nigeria’s pension system has undergone significant reforms over the past two decades, with the Pension Reform Act of 2004 and its subsequent amendments introducing the Contributory Pension Scheme to address decades of mismanagement and unpaid retirement benefits.

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Despite these reforms, retirees often face financial difficulties, with limited access to credit and delayed payments, leaving many unable to meet urgent needs.

READ ALSO:Release Nnamdi Kanu For Medical Treatment, Ohanaeze President Begs FG

Speaking at the signing of the Memorandum of Understanding in Abuja, the Managing Director and Chief Executive Officer of CREDICORP, Uzoma Nwagba, said the initiative would give retirees a new lease of life.

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Nwagba noted that the scheme, launched under the theme “Empowering retirees with consumer credit,” covers both federal and state pensioners.

He commended President Bola Tinubu for his financially inclusive model of governance as enshrined in the Renewed Hope Agenda, stressing that the pension-backed loan programme reflects the administration’s commitment to creating opportunities for all Nigerians.

These, he added, include senior citizens who, for long, have not benefited from consumer credit.

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READ ALSO:FG Gives Criteria For Opening Bank Accounts

He said, “The programme leverages pension income, offering retirees tailored, low-interest loans that are both secure and sustainable.

“This first-of-its-kind product ensures that Nigeria’s senior citizens can access credit with dignity, without the burden of exorbitant rates or complex processes.

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“Annuitants are the backbone of Nigeria’s progress, yet they have been sidelined in the credit ecosystem. This programme changes that narrative. By partnering with Leadway Trustees’ expertise in pension management, we are delivering a credit solution that is safe, affordable, and transparent. This is consumer credit redefined, inclusive, equitable, and empowering.”

The event, attended by stakeholders from the financial sector, pension industry, and annuitants’ associations, featured testimonials from early beneficiaries.

For instance, Amina Sule, a 68-year-old retired teacher, said, “For years, I wanted to start a small poultry business to stay active and support my family.

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READ ALSO:FG Gazettes New Tax Reform Laws

This programme gives me the confidence to borrow affordably, knowing my pension secures my loan. It’s not just credit, it’s hope and independence.”

Also speaking, a retired civil servant, Chukwuemeka Okeke, said, “Medical bills can be overwhelming. With this loan, I can cover my healthcare needs without stress. The process was straightforward, and I feel respected as a retiree.”

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Consumer credit in Nigeria remains underdeveloped compared to global standards, where retirees in countries like the United States and the United Kingdom can easily access mortgages, healthcare, or small business loans backed by their pension or social security income.

In Nigeria, retirees have largely been excluded from such credit facilities, leading to widespread financial insecurity in old age.

READ ALSO:FULL LIST: FG Releases Approved Subjects For Basic, Senior Secondary Education

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The Federal Government’s decision to introduce a pension-backed loan scheme through the Nigerian Consumer Credit Corporation marks the first structured attempt to integrate retirees into the country’s consumer credit ecosystem.

By leveraging pension payments as collateral, the initiative seeks to provide senior citizens with safe and affordable credit for healthcare, small-scale enterprises, and other personal needs.

The move is also in line with President Bola Tinubu’s Renewed Hope Agenda, which emphasises financial inclusion, poverty reduction, and economic empowerment.

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Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

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Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

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READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

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Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

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Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

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Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

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READ ALSO:ADC Penetrates Okpebholo’s District As Defections Strengthen Party in Edo Central

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

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Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

READ ALSO:Okpebholo Felicitates Muslims On Eid-el-Fitr Celebration

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

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I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

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Children’s Day: Edo Commits To Child Protection

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The Edo State Government has reaffirmed its commitment to protecting the rights of children, promoting quality education, and strengthening sports development across the state.

This assurance was given by the governor of Edo State, Monday Okpebholo, during the 2026 Children’s Day Celebration and Governor’s Cup Finale held on Wednesday at the Samuel Ogbemudia Stadium, Benin City.

Addressing pupils, students and teachers,
the governor described children as the pride of Edo State and the future of the nation.

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The governor, represented by his deputy, Dennis Idahosa,
noted that the annual celebration provides an opportunity to honour their dreams, talents, and limitless potential.

READ ALSO:Eid-el-Kabir: Edo Deputy Gov Solicits prayers For Okpebholo

Speaking on this year’s Children’s Day theme, “Choose Kindness, Reject Bullying,” the governor said the message was timely and significant, as it emphasizes the need to create safe, supportive, and inclusive environments for children both in schools and communities.

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He stated that bullying in all forms — physical, verbal, emotional, or online — has no place in society, adding that the Edo State Government remains fully committed to protecting the rights and dignity of every child.

According to him, the administration will continue to strengthen policies and programmes that promote child protection, discipline, mutual respect, and positive learning environments across schools in the State.

The governor urged children to embrace kindness, compassion, teamwork, and respect for one another, stressing that true strength lies not in intimidation but in empathy, good character, and mutual understanding.

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