Pension And insurance

Before the advent of the Pension Reform Act (PRA)2004 (repealled and reenacted in 2014) pension used to be closely knitted in insurance. They are now divorced in order to specifically address the chronic challenges of pension and pensioners such as criminally induced bureaucratic bottleneck causing wanton wastage of the lives of our senior citizens thus they could not enjoy the fruits of their labour while alive. The Obasanjo Administration (1999 to 2007) took a strong decision in 2004 to establish the PRA 2004. The Act saved the Pension boat from total wreck in the rising storm. It was indeed a revolution though carefully packaged and executed but not without some sort of oppositions.  The oppositions came largely from those who benefitted from the rottenness of the past pension regime. According to M.K. Ahmad ( the pioneer DG of PenCom), they are bunch of “pushbacks” who are yet to key into the new pension system. To every powerful idea there’s usually almost equally powerful opposition. The National Pension Commission (PenCom) –  the regulatory authority was never spared in the missiles of attacks from virtually all the angle – political, psychological and even personal;  unfortunately the Media was used as an instrument to launch the attack. ; after about 2 decades of its existence, one would have expected the heat to have subsided. Unfortunately the powerful oppositions, the “pushbacks” never down their tools even when the Pension fund assets as at the last quarter in December 2023 was 18.36trillions Naira The criticism is not unusual especially with the “pushbacks” who could not proffer any credible alternatives.  It is said that  a mango tree with unripe fruits may not attract stoning until the fruits start to ripe. Here is a Scheme with all the imperfections the perfectionist only can see has an Asset Under Managment almost competing with the National Budget of N28.77trillion.  This industry should be encouraged , strengthened and defended as against pulling out campagn that will only take us back to the black old days when corruption and inability of government at various levels to fund the pension thus keeping the liability rising up on yearly basis. No doubt the success story has attracted

attention from both the lowly and highly placed individual and government agencies. Since the government at various levels are only concerned about present policy for implementation long term