Since 2013, the Nigerian government has disbursed ₦3.4 trillion in pension and gratuity payments.
Pension expenditure jumped from ₦107.4 billion in 2013 to ₦438.6 billion in 2023, a nearly four times increase, showing the rising cost of maintaining pension obligations.
While pension spending grew gradually between 2013 and 2018, a significant spike began in 2019 (₦307.4 billion), showing a shift in pension allocations.
The highest pension expenditure recorded so far was in 2023, surpassing all previous years.
The Need for a Sustainable Pension System – With pension spending climbing yearly, ensuring a sustainable funding model will be crucial for future government budgets.
New NIN enrolments increased by over fivefold in 2021, reaching 27.1 million. Interestingly, women were responsible for this surge. For many Nigerians, 2021 marked a race against deadlines as NIN registration became mandatory for critical requirements, including SIM card usage and registration. This urgency drove the record-breaking numbers. The number started falling in subsequent years (from 2022), with 22.2 million total new enrolments in 2022 and 10.13 million (according to Punch News) new enrolments in 2023.
As of 2021, only 10 African countries have enacted a Freedom of Information (FOI) Act with three of these countries enacting theirs in 2011. South Africa was the first country on the continent to enact a FOI act in 2001.
