Nigeria: Contributory Pension Scheme - Administration or Exploitation?

opinion

The new pension scheme introduced in 2004 by the Olusegun Obasanjo administration under the Nigerian Pension Commission (PENCOM) might have been with the good intention of relieving the pensioners of the agony of waiting for ages to receive their retirement benefits which included the gratuity and monthly pension, however with what obtains in recent times, the story is quite different.

Right from its inception, the scheme or policy which was amended in 2014 by the current administration of President Muhammadu Buhari, was received by many federal workers with a pinch of salt simply because they felt that time was not ripe for the introduction of such scheme that relieved the government of the burden of paying the pensioners some times for life. Despite this development, the government of the day then was adamant that as far as it was concerned the scheme was the best, insisting that the pensioners themselves would at the end of the day be hailing the effort.

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