Apparently worried by public outcry, the Obasanjo administration established the National Pension Commission (PENCO), with an Act by the National Assembly, in order to give legal teeth to the commission. This was greeted with applause by the general public, especially the retirees.

Reason? In the past, an average retired Nigerian worker literally wailed over the non-payment of his pension and gratuities. There were confirmed reports that some retired workers even died before their entitlements could be paid.

Indeed, the contributions of Nigerian workers and employers to the contributory pension scheme now stand at N847 billion, according to confirmed report from the pension commission.

Presenting a lecture entitled “Poverty Reduction, Social Security and Pension Reform in Nigeria,” Dr. Kabir Ahmed, Director-General of the commission said the figure was the accumulated contributions as at March last year, and expressed happiness that with the pension scheme, the country has been able to build a pool of long-term financial resources.

His words: “Pension funds play a key role in mobilising long-term funds which have contributed significantly in providing the base for capital formation investment that could spur economic growth in Nigeria”. He, however, noted that the resources (funds) so far mobilised were still in search of attractive investment opportunities.

But it is rather unfortunate that some states in the country are yet to implement the laudable scheme in spite of the awareness campaigns mounted by the federal authorities, thus hanging the fate of their retired staff in the balance. This is sad to say the least.

Worse still, a section of the private sector had also reportedly refused to implement the National Pension Scheme, for some inexplicable reasons, an attitude that is giving concern to the management of the commission, in view of the anticipated  plights of the retired staff of such firms.

It is, therefore, imperative to ask the federal government to  wade into the issue and prevail on such defaulting state governments and firms to implement the pension scheme, in order to lay a good foundation for their retired staff.

Agreed, there had been fears over the ‘safety’ of the funds so far contributed to the scheme. But the provisions of the Pension Act, squarely allay such fears, especially the various levels of risks involved in the management of the contributed funds.

Again, the federal authorities should rise to the occasion and direct some of the contributors (state governments) to remit promptly, their contributions to the  contributory pension scheme. That way, the future of the retired staff would be assured.

Suffice it to say that one sure way to implement the National Pension Scheme is for the National Assembly to step into the matter. This, it could do, by directing the committee concerned to work with the  management of the National Pension Commission.

That way the committee would be able to identify the defaulting state governments, as well as a section of the private sector; and thereafter roll out sanctions against such recalcitrant states and firms.

The future of the Nigerian retired worker must be protected and assured, no matter whose ox is gored. Yes, time has come when a retired worker should smile home rather than cry home. The contributions by employers of labour to the pension  scheme, appear to be the only sure way.

All said, but when shall we stop to weep for the nation’s retirees for not getting their entitlements, years after retirement from active service? Their plights must end one day in Jesus name. Amen.