Economy
THE Kaduna State Chapter of the Nigerian Union of Pensioners (NUP) says it is diversifying its revenue streams to be financially viable for improved welfare of pensioners in the state.
The secretary of the union, Alhaji Alhassan Musa, disclosed this to the News Agency of Nigeria (NAN) in Kaduna on Tuesday.
Musa said that the move was to improve the quality of life of pensioners by making their rest sweet after years of labour to their state and country.
He explained that the union was considering establishment of a microfinance bank as part of the union’s five-year work plan to develop multiple income streams for pensioners in the state.
He said that for the vision to be fruitful, pensioners would be contributing N500 monthly, which would amount to N6,000 annually and N96 million when multiplied by the more than 16,000 members.
“This will automatically make the members shareholders in the bank, thereby creating additional source of income that improves the quality of their lives.
“Also, if successful, we will negotiate with the Kaduna State Pension Bureau to channel pension payment through the microfinance bank.
“This I believe will significantly increase our source of revenue as a group and as individuals and we will all have reasons to smile,” he said.
The secretary said that the union had already rolled-out some revenue generation initiatives, using checkoff dues to support the earnings of members.
He said that the union bought a bus and handed it over to Kaduna Line for commercial purpose as part of investment to enable it to take care of the members.
“We have also bought some properties, renovated them, and put them back into the market and the profit from such ventures are being reinvested in other areas of businesses with huge potentials.
“We are already negotiating with some ginger farmers in southern Kaduna to buy ginger and take it to Lagos. Already there is a Lebanese in Kano that is ready to partner with us on this.
“The Union is also considering the establishment of a rice mill that will be branded with our NUP logo and take them to the market.
“These multiple streams of revenue are very critical for us because we can’t achieve much for our members relying on just dues,” he said.
On skill acquisition, the secretary said that the union had begun negotiation with the management of Kaduna Business School to train pensioners on different income generating skills and enterprises.
He said that the union already had a cooperative society, stressing that the effort was to support members to enjoy their rest and not be seen as beggars.
NAN reports that pension is one of the most widespread forms of social protection in the world, which objective is to prevent poverty and provide income security to older persons.
The delivery of pensions is being monitored in line with SDG 1 – end poverty in all its forms, through the implementation of appropriate social protection systems that cover a substantial number of the poor and vulnerable. (NAN)
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