The House of Representatives has announced plans to amend the Pension Reform Act (PRA), last reviewed in 2014, in response to growing calls for a more inclusive and sustainable pension system.
Chairman of the House Committee on Pensions, Hon. Hussaini Jalo, disclosed this during a stakeholders’ engagement session on the review of the PRA 2014 held in Abuja. He urged stakeholders to identify and propose key areas for amendment, emphasizing the committee’s commitment to reform.
During the session, the Clerk of the National Assembly, Kamoru Ogunlana, revealed that staff of the National Assembly Service Commission (NASS) are seeking a return to the Contributory Pension Scheme (CPS). This request was detailed in a memorandum submitted to the committee.
Ogunlana explained that the National Assembly Service Pensions Board Establishment Act, passed in April 2023, had effectively removed NASS staff from the CPS, creating a separate pension board for them. However, the act is yet to be implemented, and there are indications of a shift in opinion among the commission’s leadership and personnel.
Director-General of the National Pension Commission (PenCom), Mrs. Omolola Oloworaran—represented by the Commission’s Secretary and Legal Adviser, Muhammad Muhammad—endorsed the review. She recommended revisiting resolutions from the 2022 stakeholders’ consultation to validate previous positions and tackle new concerns. Oloworaran emphasized that the amendments should enhance lump sum payouts and address equity in retirees’ benefits, particularly in Sections 7(1) and (2) of the PRA.
She also assured stakeholders of PenCom’s cooperation with both the House and Senate committees to ensure a comprehensive and seamless review process.
Meanwhile, Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Dr. Tolulope Odunaiya, advocated for PTAD’s formal recognition as a legal corporate entity in the revised act.
Also speaking, the Chief Executive Officer of the Pension Fund Operators Association of Nigeria (PenOp), Mr. Oguche Agudah, stated that the PRA is long overdue for review. He stressed that reforms were essential for economic growth, investor confidence, regulatory independence, and expanding coverage across all states.
Agudah added that ensuring pension remittances are processed only through approved payment platforms was vital to the system’s integrity.
Stakeholders unanimously agreed that a robust overhaul of the Pension Reform Act would safeguard retirees’ welfare and strengthen the nation’s pension architecture.
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