Governor Aliyu Urges PENCOM to Enforce Compliance on the New Contributory Pension Scheme
The National Pension Commission (PENCOM) has been asked to enforce state governments in the country to participate in the contributory pension scheme.
Speaking at the World Pensions Summit in Abuja, Governor Mu’azu Babangida Aliyu of Niger State lamented that some governors inherited backlog of pension arrears owed retirees and had to borrow money to pay, hence the need for the commission to enforce compliance of the scheme by all the states and pay their percentage to enhance its implementation.
He identified lack of intervention and fear as factors discouraging some states to comply while some governors had earmarked pension themselves.
Governor Aliyu, therefore, advocated that with the new Pension Act for all the states, there was the need for the commission to organize a separate fora to enlighten and encourage participation.
In his contribution, Governor Adams Oshiomhole of Edo State expressed the need for a robust Mortgage Bank that would assist retirees to draw from the N4Trillion so far generated to build houses.
Other speakers at the summit advised that attention must be given to entrepreneurial skills development, diversification of asset and to include politicians in the new pension scheme to contribute.
In her submission, the Director General of the National Pension Scheme, Mrs. Chinelu disclosed that about 22 states have complied with the new pension scheme while efforts were being made to ensure other state join.
President Goodluck Ebele Jonathan, who declared the summit opened, said the pension assets in Nigeria would reach $100Billion equivalent to N15 Trillion in the next two decades.
He stated that the nation’s pension industry had been growing from the deficit of about N2Trillion in 2004 to the accumulated pension asset of over N4.21Trillion.
Source: Niger State Government
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| Photo by Hamisu Abubakar |
He identified lack of intervention and fear as factors discouraging some states to comply while some governors had earmarked pension themselves.
Governor Aliyu, therefore, advocated that with the new Pension Act for all the states, there was the need for the commission to organize a separate fora to enlighten and encourage participation.
In his contribution, Governor Adams Oshiomhole of Edo State expressed the need for a robust Mortgage Bank that would assist retirees to draw from the N4Trillion so far generated to build houses.
Other speakers at the summit advised that attention must be given to entrepreneurial skills development, diversification of asset and to include politicians in the new pension scheme to contribute.
In her submission, the Director General of the National Pension Scheme, Mrs. Chinelu disclosed that about 22 states have complied with the new pension scheme while efforts were being made to ensure other state join.
President Goodluck Ebele Jonathan, who declared the summit opened, said the pension assets in Nigeria would reach $100Billion equivalent to N15 Trillion in the next two decades.
He stated that the nation’s pension industry had been growing from the deficit of about N2Trillion in 2004 to the accumulated pension asset of over N4.21Trillion.
Source: Niger State Government
Governor Aliyu Urges PENCOM to Enforce Compliance on the New Contributory Pension Scheme
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