Key things Buhari said in his speech at the launch of the Micro Pension Plan


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It was obvious in his speech at the launching of the Micro Pension Plan (MPP) at the State House Conference Centre in Abuja, on Thursday, March 28, 2019. The MPP was initiated to address exclusion of millions of traders, farmers and other entrepreneurs from the different pension programs in existence.

Buhari says it is part of his administration's plan to ensure the inclusion of all Nigerians in the basic services. Having identified what needs to be done, the president has also laid out the design for execution.

"In the past three years, we provided grants, concessionary loans and technical support through our SME clinics to farmers, traders and SMEs. We have seen lives positively change because of these initiatives.

"The Micro Pension Plan is the natural next step. The program guarantees that when these hard working citizens retire, they can still live in dignity and comfort.

"At this juncture, I would like to encourage Trade Associations, Unions, Non-Governmental Organizations and other stakeholders in the informal sector of our economy to join hand with the Government and the Pension Industry to enlighten their members and the general public on the benefits of the Micro Pension Plan.

"The Federal Government will continue to support the National Pension Commission to ensure a successful roll-out of the product by the pension operators for the benefit of the target participants."

The Central Bank of Nigeria has been asked to participate in making the Micro Pension Plan (MPP) to turn out successful.

FSS2020 to get on board

The Central Bank of Nigeria's Financial System Strategy 2020 (FSS2020) highlighted a reform in pension administration as part of the actions that need to be taken to help Nigeria fulfill its massive potential by the year 2020.

Confirming seriousness in his intentions, President Muhammadu Buhari has given a directive to the organization, which was created to promote sustainable economic development, to support the pension initiative introduced by his administration.

"The Financial System Strategy 2020 is also hereby directed to support this initiative within the framework of its activities especially as it relates to financial inclusion.

"In addition to this program, we are also working tirelessly to sanitize some of the rot within the pension system we inherited.

"I want to assure all Nigerians that this Government remains committed to resolving all pending issues on pension payment in the federal public sector despite the lean resources of Government.

"The dignity of retired public servants who sacrificed their lives for this country will be restored.