Buhari to Launch Pension Scheme for Entrepreneurs, Artisans

By Dipo Olowookere

President Muhammadu Buhari will on Thursday, March 28, 2019, launch a pension scheme targeted at the informal sector in the country.

The informal sector constitutes an estimated 69 million work force in the country and represents an estimated 88 percent of Nigerian workers who lack pensions and safety net for their old age.

A statement issued by the National Pension Commission (PenCom) disclosed that the programme will take place at the State House in Abuja.

It was emphasised that the new scheme called the Micro Pension Plan (MPP) is part of the initiatives to bring financial inclusion to all working Nigerians.

Those who are expected to subscribe to the pension plan are self-employed persons in the informal sector and employees for organisations with less than three staff.

“This initiative gives the self-employed professions, entertainers, lawyers, doctors, entrepreneurs, artisans, casual workers opportunity to save for pension,” the agency said in the statement.

PenCom said it was working to achieve a coverage of 30 million people in the informal sector by 2024.

“The launch signifies the commencement of activities that will culminate to the full implementation of the MPP.

“Accordingly, the commission and the pension operators will continue the education and sensitisation of the public through the robust campaigns across traditional, social and digital media while registration of contributors will follow in subsequent months.

“The formal launch is the official flag off of the plan and attests to the objective of the current administration to provide ample opportunities for financial inclusion and economic stability for more Nigerians in the informal sector,” it said.

PenCom said it remains committed to good corporate governance and high ethical standards that will ensure the success of the MPP.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

more recommended stories

%d bloggers like this: