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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.
President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.
Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.
Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.
“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.
Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.
“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.
Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.
“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.
Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.
“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.
On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.
The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.
Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.
His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.
In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.
King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”
He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”
Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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