The Federal Government has inaugurated the Pension Industry Leadership Council (PILC), charging members to entrench transparency, strengthen inclusiveness, and drive economic transformation through pension reforms.
The Secretary to the Government of the Federation (SGF), Senator George Akume, who inaugurated the council on Thursday in Abuja, described the move as a historic milestone in Nigeria’s quest for financial security and retirement dignity for workers.
“This council represents foresight, synergy, and shared commitment among government, regulators, operators, and social partners. It must guarantee dignity and security for Nigerian workers in retirement,” Akume said.
He outlined the achievements of the Contributory Pension Scheme (CPS), introduced in 2004, noting that it had strengthened governance, boosted transparency, and restored workers’ confidence in retirement savings.
However, Akume pointed out persistent challenges, including inflation, limited penetration in the informal sector, inadequate infrastructure financing, and lingering public distrust.
He urged the council to serve as a hub for ideas and solutions, anchored on five strategic objectives:
The SGF reaffirmed President Bola Tinubu’s commitment under the Renewed Hope Agenda, describing pensions as both a social protection mechanism and a catalyst for inclusive growth.
Earlier, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, highlighted the impact of the Pension Reform Act of 2004, which she said had mobilised long-term savings, enhanced financial stability, and restored dignity to retirees.
She noted that the newly inaugurated council was expected to spearhead the “second great evolution” of Nigeria’s pension system, focusing on expanding coverage, enforcing governance, mobilising assets for national development, driving innovation, and restoring public trust.
“The success of this council will determine the financial security of future generations,” Oloworaran stated.
