“Impact of the Contributory Pension Scheme on National Security” – CSO revealed Balance of N13.4 Trillion

The Conference of Civil Society of Nigeria (CSO) as part of the Pension Education Program, stated the need to properly establish a link between the Contributory Pension Scheme (CPS) and national security.

In a statement made available to NAIJA LIVE TV, the Chairperson of the Conference of Civil Society of Nigeria, Mr. Adams Otakwu, said that the total pension fund assets under the CPS is currently about N13.4 Trillion, which is alomost 8.55% of the Nigerian Gross Domestic Product

Mr. Adams Otakwu further stated that, the CPS over the period, has catalyzed the implementation of pro-masses and public interest programs in key sectors, including aiding the investment in bonds, treasury bills, agency bonds and other government securities.

“As part of our Pension Education Program, there is need to properly establish the link between the Contributory Pension Scheme (CPS) and national security. This is necessary in order to galvanize greater participation in the CPS by eligible citizens and security operatives, recognizing that the total pension fund assets under the CPS is currently about N13.4 Trillion, which is alomost 8.55% of the Nigerian Gross Domestic Product”

“The CPS over the period, has catalyzed the implementation of pro-masses and public interest programs in key sectors, including aiding the investment in bonds, treasury bills, agency bonds and other government securities, as well as money market instruments, corporate debt securities, quoted equities and other asset classes, and stemmed the growth of outstanding pension liabilities of Government.”

“These all have significantly enhanced Economic growth, built foreign investors confidence and bolstered National Security. We believe such critical impact of the CPS on National Security had prompted Government to allow withdrawal from the CPS for only the Military and Intelligence Services, which are by virtue of Section 5 of the Pension Reform Act (2014) exempted from the CPS.”

“Exempting Internal Security Agencies from the CPS will not only disrupt the Pension Reform Program, and affect the flow of capital into the insurance industry that undermines the Economic Recovery and Growth Plan, but place undesired financial obligation on Government, at a time when the war on insecurity needs enormous resource commitment. This will take very severe toll on National Security, and should not be contemplated.” Adam added

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