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Fact Check on Pension Reforms in Nigeria

There is no doubt that one of the major challenges Nigeria faces is a shortfall in funds to meet up governance obligations. One of such of obligations include; pension, salaries, debt, capital financing et al

Pension reforms are critical as they affect they ageing class who have served the country. They have paid their dues based on what our democratic institutions make possible but unfortunately, the pension scheme failed many after their 35 years of service.

Successive governments started the reforms; one of which was to make organizations whether public and private to pay their staff pension. This led to the evolving of many Pension Asset  Managers like Stanbic IBTC among others. In fact, employers and employees are expected to contribute a percentage in this account.

A worker is expected to use their Pension account for other employment or fora change of jobs. This scheme started during the Obasanjo administration which was continued in subsequent ones.

As Nigeria heads to another election, governance and collectively love for the country have been polarized politically. The ruling party All Progressives Congress (APC) is using the Pension reforms as one of way to convincing Nigerians to return President Muhammadu Buhari for a second term in office.

They are also doing this with an outright disregard for the genesis, basics and history of the reforms carried in that sector. With the appointment of Sharon Ikeazor, the APC is trying to take the glory by speedily paying off the pension arrears; which should be the penultimate stage of reform started many years ago. The issue of sustainability is not the focus but on how to pay-off for the sake of 2019 general elections.

In a thread from a top financial and public sector analyst Feyi popularly known as DoubleEph; we share some facts with you on the history of Pension Scheme that is yielding fruits today for the Nigerian people.

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tyro on Twitter

Do you remember the name John Yusuf? That’s the guy (along with others) who stole N33bn Pension money and the judge handed him an unbelievable N250k fine in 2013 https://t.co/zMoo0be919

That pension money was quite easy to steal because it related to unfunded defined benefit pensions. The money was simply released to MDAs as part of their normal salaries. But since the pensioners were not in the office, stealing it was dead easy -DoubleEph

tyro on Twitter

To stop all this, NOI then created PTAD in 2013 to handle those pensions directly. She hired one Canadian-Nigerian woman called Dr. Nellie Mayshak who has implemented reforms in Liberia, Ghana, South Africa and Canada https://t.co/YeEEMvbfUD

tyro on Twitter

Under her, PTAD did a LOT of work verifying, doing biometrics and weeding out ghost pensioners. Don’t believe me? Read this 2015 report by Bill and Melinda Gates Foundation on PTAD https://t.co/PYDgtUmF6r

tyro on Twitter

Unfortunately for her she made one big mistake – because she was a professional, she did not tweet her work and share photos. See her twitter account – first time she tweeted was in 2017 after she left office


tyro on Twitter

What did APC do when they came into office. Kwarapshun! In their usual gra gra, they suspended her for 8mths, then probed and grilled and flayed her. And after 8 months? They quietly apologised when they found nothing https://t.co/SgELwT3VJ4

tyro on Twitter

So why the noise now? The answer is simple – the person APC replaced her with – Sharon Ikeazor – is a politician. She had a private sector career but since 2011 she has been full time politics and was APC women leader before this job


tyro on Twitter

Don’t let this surprise you. Recall that APC replaced Mobola Johnson – who obtained a doctorate from Cranfield while ministering to the tech community – with Bayo BullShittu- a career politician who has been on strike for a year and is currently on the run from NYSC.

tyro on Twitter

This is why you’re now seeing photos of dirty files on twitter and all sorts of nonsense like this stupid poster that could only have emerged from the mind of a Buharideen. “Countdown to N22.68 Billion Naira” WTF??

tyro on Twitter

After spending 3yrs in office erecting graven images to their leader Buhari and the rest of the time vandalising the economy and declaring war on fancy dresses and chocolates, they’re now running helter skelter looking for achievements to claim

tyro on Twitter

APC is an intellectual what? https://t.co/qUF1xAXwj2

This is simply a fact-check to inform you, educate you and enlighten you to understand how things work in your country, Nigeria. 2019, is a defining election for Nigeria and going forward as a nation it is the duty of every citizen to make the right decisions based on FACTS rather than PROPAGANDA.

We also downloaded the review of the Pension Scheme and Act passed in 2004 by the Bill and Melinda Gates Foundation. Download Here.

Excerpts and Snips from the document can be found below;

pension reforms


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