{"id":117860,"date":"2025-04-24T05:59:49","date_gmt":"2025-04-24T04:59:49","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117860"},"modified":"2025-04-24T05:59:49","modified_gmt":"2025-04-24T04:59:49","slug":"pension-crisis-deepens-as-28-states-fail-remittance","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/pension-crisis-deepens-as-28-states-fail-remittance\/","title":{"rendered":"Pension Crisis Deepens as 28 States Fail Remittance"},"content":{"rendered":"<div id=\"m#msg-f:1830220923695402778\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">By Daniel Adaji<\/div>\n<div id=\"m#msg-f:1830220923695402778-content\" class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div><\/div>\n<div>The National Pension Commission (PenCom) has said that twenty-eight Nigerian states have yet to fully implement or remit funds under the Contributory Pension Scheme (CPS), deepening the nation\u2019s pension crisis.<\/div>\n<div><\/div>\n<div>The Director General of PenCom, Omolola Oloworaran, disclosed this on Wednesday during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT), held in Kano.<\/div>\n<div><\/div>\n<div>The forum brought together stakeholders to review the state of pension reform and accelerate the adoption of CPS nationwide.<\/div>\n<div><\/div>\n<div>She said only eight states have fully implemented the CPS, while 25 states and the FCT have passed the required laws. Six states are currently running hybrid pension systems, and another six are in the advanced stages of passing CPS legislation.<\/div>\n<div><\/div>\n<div>\u201cThis journey is far from complete,\u201d Oloworaran stated.<\/div>\n<div><\/div>\n<div>\u201cNotable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,\u201d she said.<\/div>\n<div><\/div>\n<div>The CPS, established to replace the old Defined Benefits Scheme, is a mandatory pension system where both employer and employee contribute a percentage of the worker\u2019s salary into a retirement savings account. Its purpose is to ensure sustainable retirement income for workers.<\/div>\n<div><\/div>\n<div>To support states lagging, PenCom has introduced a flexible implementation framework.<\/div>\n<div><\/div>\n<div>This model allows gradual adoption, starting with newly employed workers or those with fewer than 10 years left in service. The aim is to reduce immediate financial burdens on state governments while building compliance over time.<\/div>\n<div><\/div>\n<div>To further ease the transition, PenCom is providing technical assistance to states in handling legacy pension liabilities and crafting financially viable transition strategies.<\/div>\n<div><\/div>\n<div>\u201cWith sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,\u201d Oloworaran said.<\/div>\n<div><\/div>\n<div>She described the Kano meeting as a \u201ccall to collective action\u201d urging participants to co-create solutions and renew commitment to a secure, inclusive pension system.<\/div>\n<div><\/div>\n<div>Meanwhile, PenCom has intensified its enforcement drive. According to Oloworaran, N1.58bn was recovered from defaulting employers in the private sector through stricter compliance measures.<\/div>\n<div><\/div>\n<div>As of February 2025, total pension assets under management have grown to over N23tn, underscoring the growing confidence in the system.<\/div>\n<div><\/div>\n<div>Kano State was singled out for commendation during the forum.<\/div>\n<div><\/div>\n<div>The Head of Service, Abdullahi Musa, said the state had implemented a hybrid model combining features of both the CPS and the old scheme.<\/div>\n<div><\/div>\n<div>He revealed that Governor Abba Kabir\u2019s administration had cleared N16bn in outstanding pension arrears\u2014approximately 40 per cent of the debt inherited from previous administrations.<\/div>\n<div><\/div>\n<div>Musa applauded PenCom for its leadership, stating, \u201cKano is committed to comprehensive reforms that reflect best global practices.\u201d<\/div>\n<div id=\"m_-4519473370388404067ymail_android_signature\"><a id=\"m_-4519473370388404067ymail_android_signature_link\" href=\"https:\/\/mail.onelink.me\/107872968?pid=nativeplacement&amp;c=US_Acquisition_YMktg_315_SearchOrgConquer_EmailSignature&amp;af_sub1=Acquisition&amp;af_sub2=US_YMktg&amp;af_sub3=&amp;af_sub4=100002039&amp;af_sub5=C01_Email_Static_&amp;af_ios_store_cpp=0c38e4b0-a27e-40f9-a211-f4e2de32ab91&amp;af_android_url=https:\/\/play.google.com\/store\/apps\/details?id=com.yahoo.mobile.client.android.mail&amp;listing=search_organize_conquer\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/mail.onelink.me\/107872968?pid%3Dnativeplacement%26c%3DUS_Acquisition_YMktg_315_SearchOrgConquer_EmailSignature%26af_sub1%3DAcquisition%26af_sub2%3DUS_YMktg%26af_sub3%3D%26af_sub4%3D100002039%26af_sub5%3DC01_Email_Static_%26af_ios_store_cpp%3D0c38e4b0-a27e-40f9-a211-f4e2de32ab91%26af_android_url%3Dhttps:\/\/play.google.com\/store\/apps\/details?id%3Dcom.yahoo.mobile.client.android.mail%26listing%3Dsearch_organize_conquer&amp;source=gmail&amp;ust=1745523879523000&amp;usg=AOvVaw1CaSxcD-P6PwYmRF3ZSqr4\">Yahoo Mail: Search, Organize, Conquer<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Daniel Adaji The National Pension Commission (PenCom) has said that twenty-eight Nigerian states have yet to fully implement or remit funds under the Contributory Pension Scheme (CPS), deepening the&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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