Nigerian Pension Industry – A journey with definite destination -
Globally, matters pertaining to taking care of retired and aged citizens are of great concern to government. The concerns bother majorly on the non-availability of funds to pay the aged citizens who worked for the government, resulting in huge pension liabilities. The schemes in Nigeria prior to the commencement of the Pension reform were Pay As You Go and Defined Benefit in the public sector and Provident Fund/Nigeria Social Insurance Trust Fund (NSITF) for the private sector. Whilst a few private organisations have some forms of exit benefits, these were not sustainable pension arrang...