Rewane Advocates Salary Increase for All Security Agencies

Bismarck Rewane, the Managing Director and Chief Executive of Financial Derivatives Company (FDC), has called on the Nigerian federal government to extend the recently approved salary increase for military personnel to other security agencies, including the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC). He expressed concerns that excluding these agencies could disrupt the country’s security architecture.

The Nigerian Army's wage review includes an 80% increase for lower-ranking personnel, 50% for officers from warrant officers to colonels, and 30% for officers from colonels to generals, with an estimated total cost of N924 billion. Rewane warned that such salary adjustments could lead to inflationary pressures, potentially increasing inflation by 2-3%.

He emphasized the need for fairness in salary reviews across all security agencies and cautioned that extending these adjustments would significantly raise recurrent expenditure for all government tiers, tightening fiscal conditions.