Governor of Abia State, Alex Otti, said that his administration has paid off all outstanding pension arrears going back to 2014. This will help almost 12,500 pensioners.
Otti promised during his speech at Government House Umuahia that pensioners would not face any more delays in getting their benefits.
He guaranteed that workers and Abia pensioners will both continue to get their full monthly pensions by the 28th of every month, at the latest.
The governor also emphasized how the state’s efforts to pay down its pension debt had greatly stimulated the local economy by providing capital.
“I am happy to announce that as of last Thursday, all pensioners—I mean, every single one of them—have been paid,” he said. Every outstanding debt has been paid in full.
“Liquidity is the lifeblood of the economy. You may see directly in Abia how elderly who had to rely on pitiful amounts of 500, 1000, or 5000 Naira to make ends meet are now able to support themselves. It’s crucial to remember that when they spend this money, it stays in the State and stimulates the economy.
“You will understand the significance of our acts if you understand the concept of the multiplier impact of money and realize that supply can only exist when there is demand, particularly effective demand supported by cash. We have given power back to the people, who should have it anyway. I’m happy that about 12,500 seniors will soon receive their pensions as a result of our efforts.”
