Politics of Pension Administration in Nigeria

Mathew Olasehinde Fashagba ()
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Mathew Olasehinde Fashagba: Federal University Lokoja

Chapter Chapter 20 in Nigerian Politics, 2021, pp 369-376 from Springer

Abstract: Abstract This chapter examines the journey of the pension system from defined benefit scheme to defined contribution scheme in Nigeria. Pension was introduced to the public service in Nigeria in 1951 by her formal colonial masters. There were several adjustments in the administration of pension by different regimes to ensure the welfare of her retirees were sustained. It was not until 2004 when it was obvious that the old scheme could not achieve the goal of sustaining the welfare of the old that a major reform was considered and passed into law. With the new act generally referred to as Pension Reform Act, Nigeria effectively migrated her pension system from defined benefit pension scheme to defined contribution pension scheme. International influence, change in population structure, corruptions among political officers and pension administrators are shown to be among the factors responsible for the migration of the scheme. Finally, the work also reveals that the gains of the pension reform include generation of additional funds for economic activities, elimination of corruption in pension administration.

Keywords: Pension; Pensioner; Retirement benefit; Reform; Politics; Economy (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:aaechp:978-3-030-50509-7_20

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DOI: 10.1007/978-3-030-50509-7_20

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