Bill To End Pension System Approved By National Assembly; PFAs Terminated

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After operating the Contributory Pension Plan for 18 years, a measure to exempt its employees from the program has been approved by the National Assembly, But according to the Pension Fund Operators Association of Nigeria, the bill’s passing creates a risky precedent for Nigerian workers.

Exemption of the National Assembly workers from the Contributory Pension System – Issues Arise was the title of PenOp’s statement in response.

“PenOp wishes to emphasize unambiguously that the approval of this measure creates a hazardous precedent that will not augur well for industrious Nigerians, working across the private and public sector, who depend on the Contributory Pension Plan for retirement security and stability,” the statement read.

It noted that it was concerned with the manner in which the measure was passed and that the passing of the bill seemed to have been unnecessarily expedited and shrouded in secrecy with very little engagement and input from critical stakeholders, as it was passed during the National Assembly’s recess.


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