Business
Pension Reform Act: PenCom Initiates Process For Review
The National Pension Commission (PenCom) yesterday said it had initiated the process of reviewing the 2014 Pension Reform Act (PRA), to address identified challenges and public clamour.
PenCom’s Head, Corporate Communications Department, Mr Peter Aghahowa, said in a statement in Lagos that the exercise was to reposition the Contributory Pension Scheme (CPS).
Aghahowa said that the review would also consolidate the gains of the pension reforms, for the benefit of Nigerians.
He said that the commission had reached out to seek the inputs of its social partners, pension industry operators, financial regulators and other relevant stakeholders.
“In 2014, which was 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the PRA of 2004 and enacted the PRA of 2014.
“This was in order to address the implementation challenges and introduce improvements to the CPS.
“However, some challenges were subsequently encountered in the implementation of certain sections of the 2014 Act.
“Furthermore, within the last three years, there has been persistent clamour for amendment from individuals and interest groups, as well as several legislative attempts, on the amendment of some Sections of the PRA 2014,” Aghahowa said.
He said that the inputs received from stakeholders would immensely benefit the exercise and result in a workable and acceptable pension legislation.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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