ABUJA (OHCSF’s Report) – The Federal Government has said that, it will continue to invest pension funds into various development schemes in the country in order to enhance economic growth.
President Muhammadu Buhari stated this in his keynote address at the opening ceremony of the World Pension Summit ‘Africa Special’, held in Abuja recently, with the theme: Pension Innovation: The African Perspective’.
Represented at the occasion by the Head of the Civil Service of the Federation, Mrs. Winifred Ekanem Oyo-Ita, President Muhammadu Buhari said that, “Globally, since pension occupies an important place in the economy as a vehicle for nation building. This administration therefore, will continue to invest pension funds into various development schemes in the country to enhance economic growth”.
He further reported that, since the establishment of the scheme in Nigeria in 2004, it has recorded tremendous achievements in the area of infrastructural development, robust framework that eliminates incentives for corruption and an ability to generate investible long term funds that drive economic development.
Speaking earlier, the former President of Nigeria, Chief Olusegun Obasanjo, advocated the need for an establishment for a viable pension structure that would contain with the increasing population growth in the country. Adding that the pension service should see to it that, retirement benefits are fully funded.