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“In 2014, which was 10 years after the implementation of the CPS in Nigeria, the National Assembly repealed the PRA of 2004 and enacted the PRA of 2014.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.
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FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).
