The Contributory Pension Scheme, CPS, became operational in 2004 with the enactment of the Pension Reform Act 2004. Unfortunately, of the 36 States in the country, not more than 10 states (22 per cent) can effectively be considered as near full- compliant to the scheme. This is because many state governments have refused to enact their own Pension Act as stipulated by the Act.
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Consequently, these state have continuously deprived their workers of the benefits of the CPS.
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However, for workers in these states, it is time to make the scheme compulsory at both states and local government levels.
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That the pension fund is growing on daily basis is not new, however, the fact that it is taking many state governments such a long time to enact their own pension law and cue into the scheme is cause for worry. More worrisome is the fact that it is these same states governors that have been falling over themselves to access the pension fund through bonds in the guise to improve infrastructure in their various states.