President Muhammadu Buhari has assured civil servants in Nigeria that his government is working on a formula that will make their retirement from the service a joyful one.
“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.
President who spoke today, Thursday at the formal launching of Micro Pension plan for Nigerians that are not fully captured in the formal corporate sector, said that his government is currently working tirelessly to sanitize some of the rot within the pension system it inherited from the previous governments.
“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 President expressed surprise that today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence.
Recalling one of the three core pillars of his Government, which is the creation of a diversified and inclusive economy, Buhari said that this can only be achieved by creating an enabling environment for farmers, entrepreneurs and SMEs.
“In the past three years, we provided grants, concessionary loans and technical support through our SME clinics to farmers, traders and SMEs. We have seen lives positively change because of these initiatives.
“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.”
The President encouraged Trade Associations, Unions, Non-Governmental Organizations and other stakeholders in the informal sector of the economy to join hand with the Government and the Pension Industry to enlighten their members and the general public on the benefits of the Micro Pension Plan.
He assured that the Federal Government will continue to support the National Pension Commission to ensure a successful roll-out of the product by the pension operators for the benefit of the target participants.
He directed the Financial System Strategy 2020 to support this initiative within the framework of its activities especially as it relates to financial inclusion.
“We must all come together to ensure these reforms are fully implemented and their positive impact is felt by the rightful beneficiaries.”