AN ASSESSMENT OF PENSION REFORM AGENDA OF OLUSEGUN OBASANJO ADMINISTRATION 2004. (A STUDY OF FEDERAL MINISTRY OF INTERIOR,) ANAMBRA STATE, NIGERIA.
The broad objective of the study is to assess the pension reform agenda of OlusegunObasanjo Administration 2004; a study of Federal Ministry of Interior, Anambra State. The descriptive research method was used in carrying out the study, the method was chosen because it is the method that best interprets the study without loss of facts. The research findings revealed essentially that;
- Government has not worked out the modalities properly on the separation from the erstwhile old scheme from the new one.
- The reform agenda depends on government’s yearly budgetary allocations, which also depends on who is in control of the machinery of government and the revenue condition’s of the Federal government.
iii. The obvious escalating expenditure of government in other areas such as education, agriculture, health and administration that compete with pension expenditure, government cannot be trusted to solely pay pension.
Based on the findings, major recommendations are that;
- Government should try as much as possible to increase her contributory part to fifteen percent(15%), while the employee should contribute five (5%) only, reason been that employees should be assisted in the provision of individual socio-economic needs while in active services.
- Various levels of government should be mandated to keep a fixed percentage of their revenue with the Central Bank of Nigeria (CBN) to carter for pension need of their workers as a way of securing the future of the retirees.
iii. Any pension fund administrator, custodian that is found uncomfortable or dubious in his transactions should be blacklisted instantly and pension fund records and funds in his keeping be retrieved and transferred to another custodian or administrator.
- Government should mandate all the PFAs to pay interest rates according to all the customers.