The National Pension Commission (PenCom) has urged states and local governments in the country to “step up their efforts to implement the contributory pension scheme to enable their employees avail themselves of the benefits and opportunities offered by the scheme.
The commission has also expressed dismay that though many states have adopted the contributory pension scheme and are at various stages of implementation, no state in the south south zone of the country has fully implemented the scheme.
Chinelo Anohu-Amazu, director general of the commission who made the appeal in Uyo, the Akwa Ibom State in an address at the opening of the south south sensitisation conference on Nigeria’s pension reforms Act 2014 said the non implementation of the scheme by states in the zone has denied them the advantages of contributory pension model.
According to her, the benefits include robust framework that eliminates the incentives for corruption in benefits administration and ability to have access to the pool of investible pension funds to drive economic and the development of infrastructure in their respective states.
“Our achievement in the implementation of contributory pension scheme has earned Nigeria a position as Africa’s hub on pension matters,’’ she said.
Represented by Mohammed Kaoje, commissioner in charge of inspectorate division, the Pencom boss who noted the contributory pension scheme has already generated N5.03 trillion worth of pension assets invested in various sectors of the Nigerian economy said since its establishment more than eleven years ago, ”there had been no case of malpractice recorded in the administration of the contributory pension scheme in Nigeria.”
She noted that the experiences and lessons garnered over the years necessitated the revision of the 2004 Act adding that after an extensive review, the Pension Reform Act 2014 was enacted with effect from July 3014 saying the conference was to sensitise stakeholders in the south south zone on the new provisions and developments offered by the Pension Reform Act 2014.
“The contributory pension scheme now covers employees of state and local governments in Nigeria. The Act has since changed into a positive narrative. The scheme has so far delivered on all the major objectives of the reform,’’ she said.
Declaring the conference open, Governor Udom Emmanuel of Akwa Ibom State expressed dismay over the implementation of the Pension Reform Act 2014 and hoped that the conference would be an “auspicious opportunity for us to interrogate our consciences and bring about solutions that will not only provide the needed template for a successful implementation of the new Act.”
Governor Udom Emmanuel who was represented by the deputy governor, Moses Ekpo lamented that in the recent past, “certain public officials have indulged in wanton misappropriation of pension funds ‘’ an act he described as both criminal and evil in intention noting that hard working citizens were denied the opportunity to have access to their due benefits.
According to him, such acts resulted in frustrations which culminate in untimely death of pensions.
He said with the emphasis on the stimulation of industrial growth by the present administration, contributions towards pension reforms in the country would receive a major boost.
ANIEFIOK UDONQUAK
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