A Professor of Business Administration, Prof. Mathew Fashagba of Federal University Lokoja (FUL) has urged the Federal Government to ensure that no retiree suffers from old-age poverty
By Thompson Yamput
A Professor of Business Administration, Prof. Mathew Fashagba of Federal University Lokoja (FUL) has urged the Federal Government to ensure that no retiree suffers from old-age poverty in the country.
Fashagba made the appeal during his inaugural lecture titled “Retirement Benefits Adequacy: The Need to Reform Nigeria’s Pension System,” which held at the FUL Adankolo Campus on Thursday.
He called on the federal government to provide supplementary funds to retirees’ pension benefits to protect them from poverty and undue hardship after retirement.
“If government can provide retirees with a little amount into the retirement savings account to ensure that no retiree suffers old-age poverty, the country will be a better place.
“This is why pension benefits should be seen and accorded the same importance as employees’ wages and be given timely remittance.
“Government should also be able to demonstrate willingness to bring to justice any defaulter of timely remittance of pensions to the retirees.
“Therefore, good economic management is paramount to prevent old-age poverty. It is the responsibility of the government to ensure the stability of the nation’s currency for economic transformation,” he said.
The university don added that corruption must be completely eliminated, as it remains a major threat to the success of the contributory pension scheme.
Earlier, the Vice-Chancellor of FUL, Prof. Olayemi Akinwunmi, described the theme as both “timely and pertinent”, especially as it addresses the complexities of pension administration in Nigeria.
Akinwunmi noted that pensions are a crucial aspect of financial security for retirees, ensuring they can maintain a decent standard of living after years of service.
“The adequacy of retirement benefits remains a subject of concern, with many pensioners struggling to access their entitlements due to systemic inefficiencies and policy gaps,” he said. (NAN)