PRESS RELEASE —-As part of the initiatives to bring financial inclusion to all working Nigerians, the President of the Federal Republic of Nigeria , Muhammadu Buhari will launch the Micro Pension Plan(MPP) on Thursday March 28,2019 at the State House in Abuja. The plan which is an initiative of the National Pension Commission (PenCom) is aimed at the provision of pension services to self-employed persons in the informal sector and employees of organisations with less than 3 staff. The informal sector constitutes an estimated 69 million work force in the country and represents an estimated 88 per cent of Nigerian workers that lack pensions and safety nets for their old age. The goal of the Commission is to achieve coverage of 30 million people in the informal sector by 2024.
The formal launch is the official flag off of the plan and attests to the objective of the current administration to provide ample opportunities for financial inclusion and economic stability for more Nigerians in the informal sector. This initiative gives the self-employed Professionals, Entertainers, lawyers, doctors, entrepreneurs, artisans, casual workers etc opportunity to save for pension.
The launch signifies the commencement of activities that will culminate to the full implementation of the MPP. Accordingly, the National Pension Commission and the pension operators will continue the education and sensitization of the public through robust campaigns across traditional, social and digital media while Registration of Contributors will follow in subsequent months.
The National Pension Commission remains committed to good corporate governance and high ethical standards that will ensure the success of the Micro Pension Plan.