President Muhammadu Buhari Thursday flagged off the Micro Pension Plan (MPP), targeted at attracting over N3 trillion savings into the national pension scheme.
The President declared that the plan is part of his administration’s efforts to diversify and evolve an inclusive economy.
The MPP is expected to mobilise about N3 trillion savings from the informal sector into the N8.6 trillion pension assets in the country.
The President who noted that his administration provided grants, concessionary loans, in the last three years, called on players in the informal sector to enlighten its members on the benefit of the new plan.
The president assured that his administration will restore the dignity of hardworking Civil Servants.
He also vowed to address all pension issues inherited from previous administration.
The MPP, an initiative of the National Pension Commission (PenCom) aimed at providing pension services to self-employed persons in the informal sector and employees of organisations with less than three staff.
The scheme is primarily aimed at capturing those not fully captured in the Pension scheme.
According to him, “in the past we provided loans to farmers, the MPP is the natural next step.”
He urged trade association, Non-Governmental Organization (NGO), in the informal sector to join hands with the government in enlightening their members to embrace the scheme.
The President while flagging off the scheme at the banquet hall of the Presidential Villa, personally registered Sagir Shawa, a Keke NAPEP operator in Karu area of Abuja.
Acting DJ Director-General, National Pension Commission, Aisha Dahir-Umar, also explained that the micro pension launch is part of the initiative to bring financial inclusion to all working Nigerians.
It noted that the informal sector constitutes an estimated 69 million work force in the country and represents an estimated 88 per cent of Nigerian workers that lack pensions and safety nets for their old age.
She said the goal of the Commission is to achieve coverage of 30 million people in the informal sector by
