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From James Awano, Abuja
President Muhammadu Buhari on Thursday assured that his administration would clean up the rot it met in the pension system in 2015.
The president who promised to resolve all pending issues on pension payment spoke at the launch of the Micro Pension Plan designed by the Nigeria Pension Commission at the Old Banquet Hall, Presidential villa, Abuja where he assured that the dignity of public servants, who worked tirelessly and sacrificed for the greatness of Nigeria will be restored.
Buhari also observed that retired public servants deserved better treatment and effective service that meets their needs to carry on after retirement.
“We are also working tirelessly to sanitize some of the rot within the pension system we inherited.
“I want to assure all Nigerians that this government remains committed to resolving all pending issues on pension payment in the federal public sector despite the lean resources of Government.
“The dignity of retired public servants who sacrificed their lives for this country will be restored. We will ensure all hard working Nigerians in the private sector, both formal and informal, can retire without fear.” he said
The President also said that the Federal Government will continue to support the National Pension Commission to ensure a successful roll-out of the Micro Pension Plan, which will capture citizens that are not fully captured in the formal corporate sector.
He urged trade associations, unions, non-governmental organizations and other stakeholders in the informal sector to join hands with the government and pensions industry to enlighten their members and the general public on the benefits of Micro Pension Plan.
He said, “Today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence.
“The Micro Pension Plan is the natural next step. The program guarantees that when these hard-working citizens retire, they can still live in dignity and comfort.”
Towards efforts to diversify the economy and create a more inclusive and enabling environment for all Nigerians, President Buhari said the government has provided grants, concessionary loans and technical support through Small and Medium Enterprises clinics to farmers, traders and SMEs.
Also speaking at the event, Secretary to the Government of the Federation, SGF, Boss Mustapha, said the new scheme will provide more security for Nigerians in the informal sector, and expand the country’s pension coverage as well as boost the economy.
“This scheme also benefits the government because it has the potential to generate a pool for investible long term funds that can drive economic development,’’ he said.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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