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Bill to ease retirees’ access to pension funds scales second reading at Senate

By Matthew Eloyi
The Senate has passed for second reading, the Pension Reform Act 2014 (Amendment) Bill, 2022, which seeks to make funds in the Retirement Savings Account under the Contributory Pension Scheme more easily accessible to retirees.
The bill was sponsored by Senator Aliyu Wamakko (APC/Sokoto-North).
Leading the debate on the general principles of the bill, Wamakko said the proposed amendments to the Pension Reform Act 2014 were to provide for a definite and reasonable percentage a retiree can withdraw from their retirement savings accounts.
According to him, the proposals of the bill seek to also provide succour to retirees in the delay and other difficulties they stumble upon in withdrawing their savings from their RSA.
The lawmaker, a former governor of Sokoto State, decried the inability of pensioners to access their benefits after service, which he said had resulted in their suffering and, in most cases, led to eventual and untimely deaths.
In his words, “None of us can claim ignorance of the long-drawn-out anguish of retirees from the civil service, Nigerian Prison Service, universities and parastatals, among other federal agencies in this country.
“These retirees, rather than enjoy retirement after selflessly serving their fatherland, have continued to live in misery and pain, leading to diseases and even death, as they cannot easily access their benefits.”
The lawmaker explained that the Pension Reform Act 2004, amended as Pension Reform Act 2014, provides for a departure from the old pension scheme of ‘Defined Benefits’ to the new Contributory Pension Scheme that established the National Pension Commission.
Wamakko also noted that despite the amendments to the Pension Act, the legislation had failed to achieve its objective of solving the intractable pension crisis in the country.
The lawmaker added, “Suffice to say that the issue of pension Nigeria has more or less turned into a monster that has defied all efforts by successive governments to contain it.
“In view of the retirees’ protracted sufferings and pains, who are equally Nigerians, continued search for a lasting panacea is a duty-bound upon us and all others concerned.”
Wamakko explained that the Act in Section 7(1)(a) was amended in the bill to allow retirees to withdraw 75 per cent of their benefits.
He lamented the situation where pension administrators in the country benefit at the expense of Nigerian pensioners who continue to suffer neglect.
The lawmaker said, “These Nigerians who have retired from service after several years serving the nation are finding it extremely difficult to be the owners of their pension savings in this new arrangement.
“So, unless that law is made categorically clear that they can withdraw the 75 per cent, which we are proposing in this amendment, then they can definitely have some relief as retirees.”
The Senate President, Ahmad Lawan, referred the bill to the Committee on Establishment and Public Service Matters after scaling the second reading.
The committee was given four weeks to report back to the Senate.
Headlines
China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).
The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.
Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.
The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.
Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.
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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.
Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.
“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”
He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.
Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.
In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”
He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.
Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.
Headlines
Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.
Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.
“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”
The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.
Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.
“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.
The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.
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