President Muhammadu Buhari Thursday launched the Micro Pension Plan
with a view to accommodating trade associations, unions,
non-governmental organisations and other stakeholders in the informal
sector.
The President noted that the Federal Government would continue to
support the National Pension Commission to ensure a successful roll-out
of the Micro Pension Plan, which would capture citizens that are not
fully captured in the formal corporate sector.
He said trade associations,
unions, non-governmental organisations
and other stakeholders in the informal sector should join hands with the
government and pensions industry to enlighten their members and general
public on the benefits of Micro Pension Plan.
“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,” Buhari said.
Speaking at the launch of Micro Pension Plan, organised by National
Pension Commission at the State House Conference Centre in Abuja, Buhari
also said retired public servants deserved better treatment and
effective service that meets their needs to carry on after retirement,
promising to remove the “rot within the pension system.”
According to him, “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.
“In addition to this programme, we are also working tirelessly to
sanitise 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.”
As part of efforts to diversify the economy and create a more
inclusive and enabling environment for all Nigerians, the President said
the government has provided grants, concessionary loans and technical
support through Small and Medium Enterprises clinics to farmers, traders
and SMEs.
At the event, the Secretary to the Government of the Federation, Boss
Mustapha, said the new scheme would 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.
In her remarks, the Acting Director General of National Pensions
Commission, Hajiya Aisha Dahir–Umar, said the Contributory Pension
Scheme had recorded huge success since it was launched in 2004, with the
formation of long term domestic capital, represented by N8.7 trillion
worth of pension assets as at January 2019.
“The Micro Pension Plan is remarkable because it unveils a unique
financial product, which democratizes the saving culture in Nigeria in a
systematic and efficient manner,” she said.
Dahir–Umar said the plan was designed after wide consultations with
stakeholders, noting that the product is flexible with contribution
amount and channel of remittance of contributions to respective pension
accounts.
Read the full text of the address by President Muhammadu Buhari at the occasion:
ADDRESS BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL
REPUBLIC OF NIGERIA AT THE FORMAL LAUNCHING OF MICRO PENSION PLAN,
THURSDAY 28TH MARCH 2019
Protocols:
1. It gives me great pleasure to be here today to formally launch the Micro Pension Plan.
2. This initiative was designed specifically to capture those
citizens that are not fully captured in the formal corporate sector.
3. Today, millions of traders, farmers and other entrepreneurs in
various cottage industries are completely excluded from the different
pension programs in existence.
4. If you recall, one of the three core pillars of this Government is the creation of a diversified and inclusive economy.
5. This can only be achieved by creating an enabling environment for farmers, entrepreneurs and SMEs.
6. 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.
7. 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.
8. At this juncture, I would like to encourage Trade Associations,
Unions, Non-Governmental Organizations and other stakeholders in the
informal sector of our 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.
9. 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.
10. The Financial System Strategy 2020 is also hereby directed to
support this initiative within the framework of its activities
especially as it relates to financial inclusion.
11. In addition to this program, 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.
12. The dignity of retired public servants who sacrificed their lives for this country will be restored.
13. We will ensure all hard working Nigerians in the private sector, both formal and informal, can retire without fear.
14. We have already started on this journey. We must all come
together to ensure these reforms are fully implemented and their
positive impact is felt by the rightful beneficiaries.
15. On this note, it is my privilege to formally launch the Micro
Pension Plan for commencement as a pension product for self-employed
Nigerians and those working in the informal sector of our economy.
Thank you and God bless the Federal Republic of Nigeria.
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