CBN Pensioners Again Writes Cardoso Appealing For Palliative

CBN Pensioners Again Write Cardoso Appealing For Palliative

4 weeks ago
2 mins read

Central Bank of Nigeria (CBN) Pensioners nationwide have again appealed to the CBN governor, Dr Olayemi Cardoso, to approve funds for palliative to enable them to cope with the current economic hardship caused by the fuel Subsidy removal in the country.

They made the appeal in a letter addressed to the CBN governor, dated 27 February 2024, and signed by Mr Joseph Usifo, and Olufemi Adebayo, Chairman and General Secretary, respectively, on behalf of Concerned CBN Pensioners.

The pensioners congratulated Cardoso on his appointment as CBN governor by President Bola Tinubu and noted that he took office at a time of enormous challenges, particularly with regard to the national economy, but they believe that he would overcome them given his credentials and performances in the past.

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They acknowledged the fact that the reforms embarked on by the current administration were conceived with very good intentions of improving the economy “but their unintended fallout and practical consequences have now created very serious problems for the citizenry” in the form of the high cost of things beyond people’s purchasing power, hence the decision of the Federal, state governments and some public and private organisations to offer palliatives to workers in the interim, pending when the minimum wage review is concluded.

Prime Business Africa reports that the pensioners had written to the CBN governor about offering them palliatives on two occasions, first in October and a follow-up communique in December 2023.

According to the letter, the pensioners appealed to Cardoso saying, “The primary purpose of our writing you now is to make a very passionate appeal to you, personally, and the CBN Management under your able leadership, to promptly approve the payment of a palliative to us – the CBN Pensioners, now, as a matter of urgent necessity, to enable us cope with the present severe hardship bedeviling us, like other Nigerians, right now, arising from the removal of fuel subsidy and the floatation of the naira in the foreign exchange market.

READ ALSO: CBN Clears $7bn Forex Backlog, Boosting Economic Confidence

“We have to acknowledge the fact that those policy measures were conceived with very good intentions but their unintended fallout and practical consequences have now created very serious problems for the citizenry hence the decision of the Federal Government of Nigeria, the State Governments and some organizations in both the public and the private sectors of the economy to introduce palliative measures or payments for their workers and their Pensioners, in the interim, pending when the payment of the new minimum wage and the subsequent next upward review of pension will be effected.”

The pensioners lamented that the hyperinflation in the economy has significantly eroded the real value of their current pension. “For instance, the purchasing power or the real value of our current pension is not up to 40% of what it was by this time last year or even nine months ago.”

They said that in a communique dated December 1, 2023, they specifically, appealed for a three months payments to them in the interim, as a palliative, pending the next upward review of their pensions, “but, regrettably up till this moment, there has not been any positive response from you and meanwhile, CBN Pensioners continue to die in droves under the present hardship without receiving this palliative which is an ongoing national policy.”

“As now physically frail, aging and ailing senior citizens, who served in a very reputable institution like the CBN, we are not expected to embark on street protests or demonstrations for us to be given what is due to us, hence this our humble plea. Moreover, the CBN as the No. 1 and foremost financial institution in the country, is expected to be in the lead in the implementation of Federal Government policy measures like this one, that are beneficial to the people, including pensioners.”

The pensioners told the CBN governor that while they eagerly await his positive response to their plea, even if it is going to be “slightly less than  the three  months pension payment we earlier requested, it will still be very highly appreciated, especially if it is paid along with our March 2024 pension or, at the latest, not later than with our April, 2024 pension.”






Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.

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