FG inaugurates pension industry council to expand coverage

The federal government has inaugurated the pension industry leadership council (PILC) to enhance pension administration in Nigeria.

During the inauguration on Thursday in Abuja, George Akume, the secretary to the government of the federation, said the council will guarantee the dignity and security of the country’s retirees.

Akume said the PILC represents foresight, synergy, and shared commitment among government, regulators, operators, and social partners.

He asked members of the council to be more transparent, inclusive, economically transformative, and to serve as a hub for ideas, problem-solving, and consensus-building.

“This is a historic milestone in the country’s pursuit of financial security, economic transformation, and generational stability for workers,” he said.

“The Contributory Pension Scheme (CPS) was introduced in 2004, and stands as one of the most enduring institutional reforms of our democracy.”

He said the scheme’s achievements in transparency, governance, and the accumulation of investment reserves “have boosted workers’ confidence”.

Akume said persistent challenges confronting the pension system are inflation, limited coverage of the informal sector, inadequate long-term capital for infrastructure, and erosion of public trust.

He reiterated President Bola Tinubu’s commitment to supporting the industry under the ‘renewed hope agenda’.

The SGF described pension as a tool for social protection and a catalyst for inclusive economic growth, assuring that workers’ savings will be securely managed to accelerate the nation’s progress.

Akume urged the PILC to become a model of collaboration that delivers real value to Nigerians, commending the National Pension Commission (PenCom) for its commitment to the industry.

‘PENSION IS A DRIVER OF ECONOMIC GROWTH’

On her part, Omolola Oloworaran, the director-general of PenCom, said pension represents a pillar of social protection, an instrument of inclusion, and a driver of sustainable economic growth.

Oloworaran noted that the Pension Reform Act of 2004 has achieved significant milestones.

She said the industry’s next phase, led by the PILC, must drive its second great evolution.

“The newly inaugurated council has been tasked with five key mandates: expanding pension coverage to informal-sector workers, enforcing governance and compliance across operators,” the PenCom chief said.

“Channelling pension assets toward national development while prioritising contributors’ interests, driving innovation in products, processes, and systems.

“Also strengthening public confidence in pensions as a promise kept.”

Oloworaran called for a united effort to address pension challenges, emphasising that the council’s success is crucial for the financial security of future generations of Nigerian workers.