Senate Approves Bill for Second Reading to Reform National Assembly Pension Scheme

By Admin

The Nigerian Senate has approved for second reading a bill aimed at reforming the pension scheme for National Assembly members by reverting to a contributory pension system. The bill seeks to amend the National Assembly Service Pension Board Act, No. 62, 2023.

Senate Leader Senator Bamidele Opeyemi, who sponsored the bill, presented it on the Senate floor Tuesday, emphasizing the need to overhaul the existing pension framework to ensure sustainability and fairness for National Assembly personnel.

Supporting the bill, Senator Barau Jibrin, Deputy Senate President, and Senator Tahir Monguno, Senate Whip, highlighted the importance and timely nature of the legislation. They noted that the bill would create a more viable pension system aligned with best practices, ultimately benefiting National Assembly workers.

With no objections raised, the bill was referred to the Committee on Establishment and Public Service for further scrutiny and is expected to report back within four weeks.

Senate President Godswill Akpabio also expressed support for the legislative move, signaling a commitment to pension reform in the legislative arm of government.

The bill now awaits a third reading and final deliberation before becoming law. This development marks a significant step toward enhancing transparency, sustainability, and equity in the pension management of Nigeria’s National Assembly retirees.