Feature/OPED
Retirement Security: Do You Have it?
By Timi Olubiyi, PhD
Across the African continent, a silent crisis is unfolding: the rise of retirement poverty only a few have retirement security. From Lagos to Lusaka, retirement is becoming not a time of rest but a significant economic concern for the elderly, marked by overdependence on children and increasing poverty.
Despite decades of service, countless Africans reach old age without savings, without a reliable pension, and without the means to meet basic needs, and this is a worrying concern.
In Nigeria, for instance, like many other places in Africa, rising living costs have worsened the retirement outlook since 2020, with the COVID-19 pandemic. This retirement poverty trend has become more visible than ever in Nigeria, where the experience mirrors that of many African nations.
In countries like Kenya, Ghana, and Uganda, pension coverage remains low, and the quality of life for the elderly is declining, particularly after their meritorious service and business management years. While many factors contribute to this retirement poverty crisis, one issue standsout it is the growing concern of a lack of cash flow. The lack and absence of steady, predictable income during retirement directly translates into poverty in old age.
Retirement poverty refers to the situation where individuals lack sufficient financial resources to maintain a decent standard of living after they retire. The opposite of it is to have retirement security, but the fact is that growing older means living with less income expectations, yet savings can never be enough.
In recent times, many individuals in small businesses find themselves working well into old age, trading, hawking goods, performing manual labour, or turning to street begging. For those with health challenges, the consequences are even more dire and difficult all to no access to cashflow.
The informal sector contributes over 60% of Nigeria’s GDP and employs more than 80% of its workforce. Yet, the pension schemes available in the country barely cater to this segment, that is, informal micro and small businesses.
The majority of workers, especially those in this informal sector, such as agriculture, petty trading, and transportation, lack social protection or a structured retirement savings plan. The informal sector, which is the backbone of Nigeria’s economy, is technically and largely excluded from pension scheme coverage. For them, old age arrives with no guaranteed income, and financial security relies on extended family, faith-based charity, or sheer luck.
While I agree that Nigeria’s National Pension Commission (PenCom) launched the Micro Pension Plan (MPP) in 2019 to extend coverage to informal workers, uptake remains low due to a lack of awareness, poor financial literacy, general distrust of financial institutions, and, once again, wide spread irregular cash flows.
I have realised that before now most elderly and retirees usually save up for retirement, or make property investments, especially those who are middle-income earners in Africa, but in recent time the capacity to save for retirement is crippled by irregular or insufficient income and in particular the continued inflationary pressure.
At the heart of retirement poverty is a fundamental issue: cash flow and savings. Daily earners and small business owners in Nigeria often face volatile cash inflows, which make consistent savings difficult, if not impossible. Inflation, currently hovering in double digits in Nigeria, erodes whatever little savings many manage to accumulate.
For most people, survival takes precedence over long-term planning. Retirees who worked in the informal sector largely depend on adult children or extended family networks for support.
However, the erosion of traditional family structures, rural-urban migration, and economic hardships among younger generations have weakened this safety net. Considering the cost of living, rent, and transportation in a place like Lagos, Nigeria, there is no way a retiree can live comfortably without external support in the form of a constant cash flow.
When food prices, fuel costs, and rent increase unpredictably, any available cash is quickly consumed by urgent needs. The problem of retirement poverty in Nigeria and indeed Africa is fundamentally a cash flow problemat the individual, institutional, and national levels. Moreover, cash flow problems are not confined to individuals.
Governments across the continent are grappling with delayed salary payments, arrears, and underfunded pension systems. In South Africa, although the elderly grant system provides a little relief, it is facing increasing pressure as the number of beneficiaries rises.
In Africa’s most populous country, citizens ‘ daily survival takes precedence over long-term financial planning or retirement. Workers, especially those in informal sectors like retail, farming, trading, transport, and artisanry, earn irregular income, often paid in daily cash, with no access to structured savings or pension schemes.
You will agree with me that when income is uncertain and living expenses are rising, saving for retirement becomes a luxury that only a few can afford. More so, chronic cash flow challenges have turned retirement into a period of anxiety for millions. Yet this trend is growing without any succour in sight.
Without urgent intervention, the golden years risk becoming a generation’s greatest fear. Retirement security in Nigeria is not just about pension policies. When cash does not flow reliably into the hands of citizens, it cannot flow out to support them in old age. When individuals do not have consistent income, they cannot make consistent contributions. And when contributions are irregular, future retirement income becomes uncertain or non-existent.
Therefore, addressing retirement poverty and improving retirement security in Nigeria or Africa requires direct intervention in a meaningful way, such as by expanding pension schemes and financial access for informal workers, and providing social interventions.
More so, it is important to strengthen the awareness of pension schemes and their benefits, improve financial literacy at every level—individual, employer, and government, in particular on cash flow. Because the truth is simple: without cash flow, there is no retirement security. Only prolonged poverty will exist. Statistics and surveys have shown that poverty among older adults could worsen in a few years if the governments in Africado not address pension coverage issues. Good luck!
How may you obtain advice or further information on the article?
Dr Timi Olubiyi is an Entrepreneurship and Business Management expert with a PhD in Business Administration from Babcock University, Nigeria. He is a prolific investment coach, author, columnist, seasoned scholar, Chartered Member of the Chartered Institute for Securities and Investment (CISI), and a Securities and Exchange Commission (SEC)-registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments.
The opinions expressed in this article are those of the author, Dr Timi Olubiyi, and do not necessarily reflect the opinions of others.
Feature/OPED
Taxation Without Representation
By Dr Austin Orette
The grandiosity of Nigerians when they discuss events and situations can be very funny. If the leaders use this kind of creativity in proffering solutions, we may be able to solve some of the problems that plague Nigeria perennially.
There seems to be a sublime affectation for new lingos when the system is being set to punish Nigerians. It is a kind of Orwellian speak.
Recently, there was no electricity throughout the country. The usual culprit and government spoke; people came out to tell us the power failure was due to the collapse of the National grid. Does it really matter what is collapsing? This is just an attempt by some government bureaucrats to sound intelligent.
Intelligence is becoming a borrowed commodity from the IMF or World Bank. What does it mean when you tell Nigerians that the national grid collapsed? Is that supposed to be a reassurance, or it is said to give the assurance that they know something about the anemic electricity, and we should get used to the darkness. This is a language that is vague and beckons the consumer to stop complaining. Does that statement mean anything to Nigerians who pay bills and don’t see the electricity they paid for? If they see it, it comes with an irregular voltage that destroys their newly purchased appliances. Just tell or stay quiet like in the past.
Telling us that a grid collapse is a lie. We have no national grid. Do these people know how silly their language sounds? Nigeria produces less than 10,000 megawatts of electricity for a population of 200 million people. How do you permutate this to give constant electricity to 200 million people? It is an insult to call this low output a national grid. What is so national about using a generator to supply electricity to 200 million people? It is simple mathematics. If you calculate this to the minute, it should not surprise you that every Nigerian will receive electricity for the duration of the blink of an eye. They are paying for total darkness, and someone is telling them they have an electricity grid.
If you can call the 10,000-megawatt national grid collapsed, it means you don’t have the mind set to solve the electricity problem in Nigeria.
To put it in perspective is to understand the basic fact that the electrical output of Nigeria is pre-industrial. Without acknowledging this fact, we will never find solutions as every mediocre will come and confuse Nigeria with lingos that make them sound important.
It is very shameful for those in the know to always use grandiose language to obfuscate the real issues.
South Africa with a population of sixty million produces about 200,000 megawatts of electricity daily. Nigeria produces less than 10,000 megawatts. Why South Africa makes it easy to lift the poor from poverty, Nigeria is trying to tax the poor into poverty.
The architects of the new tax plan saw the poor as rich because they could afford a generator.
A non-existent subsidy was removed, and the price of fuel went through the roof. Now the government says they are rich. What will they get in return for this tax extraction? Why do successive Nigerian governments always think the best way to develop Nigeria is to slap the poor into poverty? What are the avenues for upward mobility when youth corps members are suddenly seen as rich taxpayers? Do these people know how difficult it is to start a business in Nigeria?
After all the rigmarole from Abuja to my village, I cannot get a government certificate without a-shake down from government bureaucrats and area boys. The government that is so unfriendly to business wants to tax my non-existing businesses. Are these people in their right state of mind? Why do they think that taxing the poor is their best revenue plan? A plan like this can only come from a group of people who have no inkling of what Nigerians are going through. People can’t eat and the government is asking them to share their meager rations with potbellied people in Abuja.
Teach the people how to fish, then you can share in their harvest. If an individual does what the government is doing to Nigerians, it will be called robbery, and the individual will be in prison. When the government taxes people, there is a reciprocal exchange. What is being done in Nigeria does not represent fair exchange.
Nigerians have never gotten anything good from their government except individual wealth that is doled out in Abuja for the selected few.
The question is, will Nigerians have a good electricity supply? NO. Will they have security of persons and properties? No. Will they have improved health care? NO. Will there be good roads? No. Will they have good schools and good education? No.
Taxation is not good governance. A policy like this should never be rushed without adequate studies. Once again, our legislators have let us down. They have never shown the people the reason they were elected and to be re-elected. They are not playing their roles as the watchdog and representatives of the people. Anyone who voted for this tax bill deserves to lose their positions as Senators and Members of the House of Representatives.
We are not in a military regime anymore. Nigerians must start learning how to exercise their franchise. This taxation issue must be litigated at the ballot box. The members of the National Assembly have shown by their assent that they don’t represent the people.
In a normal democracy, taxation without representation should never be tolerated. They must be voted out of office. We have a responsibility and duty to use our voting power to fight unjust laws. Taxation without representation is unjust. Those voted into power will never respect the citizens until the citizens learn to punish errant politicians by voting them out of office. This responsibility is sacred and must be exercised with diligence.
Dr Austin Orette writes from Houston, Texas
Feature/OPED
Why GOtv Continues to Shape Nigeria’s Home Entertainment Culture
For many Nigerian families, GOtv has become more than a television service. It is part of the daily routine. It is what people unwind with after a long day, what keeps children entertained on quiet weekend mornings, and what brings households together during football matches, movie nights, and festive celebrations. Over the years, GOtv has blended naturally into these everyday moments, shaping the way Nigerians enjoy entertainment at home.
Here are some of the reasons GOtv continues to stand out.
1. Local Content That Feels Like Home
Nigerians love stories that reflect their lives, and GOtv delivers this consistently. With Africa Magic, ROK, and other local channels, viewers enjoy Nollywood movies, relatable dramas, reality shows, and lifestyle programming that speak their language. These are familiar faces, familiar stories, and familiar experiences. GOtv understands the value of cultural connection and continues to invest in the content viewers care about.
2. Affordable Packages That Work for Real Families
GOtv has built its reputation on affordability. With packages designed for different budgets, families can enjoy quality entertainment without financial pressure. Some of the affordable packages on GOtv include GOtv Jinja, GOtv Jolli, GOtv Max, GOtv Supa, GOtv Supa Plus. This balance of good content at a comfortable price is a major reason GOtv remains a trusted household name across Nigeria.
3. A Channel Lineup That Has Something for Everyone
The beauty of GOtv is its range. Children enjoy their cartoons and animated shows, parents relax with movies and telenovelas, sports lovers stay connected to live games and highlights, and music and lifestyle channels keep the energy lively. Whether it is catching up on the news, finding something light after work, or choosing a family movie for the weekend, GOtv fits naturally into everyday Nigerian life.
4. Programming That Matches Our Daily Rhythm
GOtv understands the way Nigerians watch television. Weeknights come with easy to follow entertainment, weekends offer longer movies and marathons, and festive seasons arrive with special programming that brings everyone together. The schedule is practical, familiar, and aligned with the pace of Nigerian homes.
5. Easy Access Across the Country
From major cities to smaller communities, GOtv remains reliable and easy to use. Installation is straightforward, navigation is simple for both adults and children, and the service works seamlessly across the country. Even when life gets busy, GOtv makes it easy to stay connected, subscribers can pay and reconnect instantly without long processes or penalties, picking up right where they left off.
With relatable content, pocket-friendly pricing, and a channel lineup built around real Nigerian lifestyles, GOtv has earned its place in homes across the country. As the entertainment landscape evolves, GOtv continues to grow with its viewers, shaping how Nigerians watch, share, and enjoy moments together every day.
Feature/OPED
Tegbe Highlights Benefits of Nigerian Tax Reform Acts
Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has enumerated the benefits of the Nigerian Tax Reform Acts 2025, stating they mark a significant turning point in the country’s pursuit of a robust and sustainable economy.
In an article published in several national publications, Mr Tegbe said the tax laws were a comprehensive overhaul of the country’s fiscal architecture, aimed at creating a modern, efficient, and transparent tax system that supports economic growth, development, and prosperity for all Nigerians.
The NTPIC chair, who is also the Director-General of the Nigeria-China Strategic Partnership (NCSP), affirmed that the new tax laws are built around four key pillars: reconnecting the economy to the state, standardising and modernising fiscal administration, promoting predictability, and re-balancing the fiscal social contract.
“By broadening the tax net, simplifying rules, and improving administration, we are creating a more predictable fiscal environment that supports businesses and households,” he explained.
He cited global best practices that informed the reforms like South Korea, Singapore, and Rwanda, where tax reforms have driven economic growth and development.
“These countries have shown that with the right policies, institutions, and leadership, it is possible to transform a nation’s economy and improve the lives of its citizens,” he said.
According to him, the tax reform will protect low-income earners and small businesses, with measures such as zero tax rates for those earning up to N800,000 and the expansion of zero-rated VAT items for critical sectors, including healthcare, education, and agriculture.
“By taking away the tax burden on small income earners and small businesses, the reforms aim to preserve livelihoods, encourage formal participation, and allow enterprises to grow organically. We recognise that these sectors are critical to our nation’s development, and we are committed to supporting them,” he noted.
The Acts also emphasise digitalisation and technology-driven tax administration, with the introduction of e-invoicing to improve compliance, transparency, and reduce administrative burdens, a significant step towards modernising the tax system and making it more efficient, he posited.
Consequently, he emphasised that the success of the reform depends on careful implementation, necessitating ongoing engagement with stakeholders to ensure proper understanding.
The implementation of the tax Act is expected to stabilise the fiscal environment, support production, protect critical sectors, and modernise tax administration in line with global standards, adding it will also enhance Nigeria’s ease of doing business, attract foreign investment, and generate employment opportunities.
“We are confident that these reforms will unlock new opportunities for businesses, investors, and entrepreneurs, and contribute to the growth and development of our economy,” he added.
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