Omolola Oloworaran, acting director-general of the National Pension Commission, has urged the police to remain with the Contributory Pension Scheme.
Ms Oloworaran said this during a public hearing on a bill for an Act to establish a Police Pension Board in Abuja on Tuesday.
Ms Oloworaran also reiterated PenCom’s commitment to police welfare.
“PenCom has consistently proposed practical solutions, including increasing pension contribution rates, offering additional retirement benefits, and implementing periodic pension reviews under the existing CPS framework.
“These measures are designed to enhance the financial well-being of retired police personnel without compromising fiscal discipline or administrative efficiency.
“Notably, the establishment of an Augmentation Fund and the enhancement of the Retiree Resettlement Scheme demonstrate PenCom’s commitment to addressing the unique needs of the police. The welfare of Nigeria Police personnel is paramount. The proposed bill is a step in the wrong direction. The CPS offers a balanced approach to achieving pension adequacy, affordability, and sustainability,” Ms Oloworaran said.
She said that implementing PenCom’s recommendations was a more viable path to meeting the needs of police personnel while safeguarding the broader national interest.
Ms Oloworaran said that the Senate should prioritise those solutions and uphold the principles of Nigeria’s pension reform.
The chairman of the Senate Committee on Establishment and Public Service, Cyril Fasuyi, said that the bill was to establish a board to oversee Police pension.
Mr Fasuyi said the committee intended to create an enabling environment for retired police officers. He said the public hearing provides more information and opportunities for various stakeholders.
Binos Yaroe, a senator who sponsored the bill, noted that retired police commissioners receive N70,000 and assistant superintendents of police get between N40,000 to N50,000 as pension.
He said the military, State Security Service, Defence Intelligence Agency and National Intelligence Agency had pulled out of the contributory pension scheme.
However, he said that the NPF, the lead security agency in section 214 of the constitution, is left under the pension scheme and regulated by PenCom. This, according to him, places retired police officers on the wrong post-service employment in spite of their crucial role.
He said the matter was not just about the police exiting but improving their salaries.
“Even if they exit with a poor salary, their pension will still be poor. Towards the end of the ninth assembly, the bill was passed but not signed because we started the process late. That’s why we started the process again early March 19 and July 4,” he explained.
The inspector general of police, Kayode Egbetokun, said the NPF wanted the police pension board established to improve the welfare of retired police officers.
Mr Egbetokun was represented by the deputy inspector general (of police, Bala Chiroma.
The national chairman of Nigeria Union of Pensioners Contributory Pension Scheme Sector, Sylva Nwaiwu, said the pension scheme should be amended.
Mr Nwaiwu said CPS was good for the nation, adding that pension increments should always be encouraged.
Sani Mustapha, the executive director of the Contributory Pension and Happy Retirement Advocacy (COPEHRA), said the pension scheme has proven resilient, transparent, and sustainable.
He added that it also effectively addressed the shortcomings of the previous pension system. He said keeping the NPF within the CPS aligns with best practices in pension management, ensuring their financial security while supporting Nigeria’s broader economic development.
(NAN)
