Buhari launches Nigeria’s new Micro Pension Plan

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Published on 28.03.2019 at 18h21 by APA News

President Muhammadu Buhari has assured Nigerians that the government will continue to support the National Pension Commission to ensure a successful roll-out of the Micro Pension Plan for self-employed Nigerians and those working in the informal sector of our economy.Speaking at the launch of the product on Thursday in Abuja, Buhari directed the Financial System Strategy 2020 to support this initiative within the framework of its activities, especially as it relates to financial inclusion.

“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.

“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.

“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,” he said.

According to him, this initiative is designed specifically to capture those citizens that are not fully captured in the formal corporate sector.

He noted that millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programmes in existence.

Buhari recalled that one of the three core pillars of the government is the creation of a diversified and inclusive economy and that “this can only be achieved by creating an enabling environment for farmers, entrepreneurs and SMEs”.

He explained that in the past three years, government provided grants, concessionary loans and technical support through the SME clinics to farmers, traders and SMEs and that “the Micro Pension Plan is the natural next step”.

Buhari urged 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.

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