The bill was recently passed by the House of Representative for the second time after it was challenged by some lawmakers initially for breach of due process.
PenOp in a statement titled Exemption of the National Assembly Staff From the Contributory Pension Scheme, the Need for a Second Look, noted that the Pension Reform Act 2004 amended in 2014 which established the Contributory Pension Scheme(CPS) was one of the most revolutionary pieces of legislation in Nigeria’s history, as it has effectively sanitized the pension industry and contributed immensely to the country’s economy in various ways, including job creation, deepening of the financial markets and the funding of infrastructural projects with the pension funds contributed by workers in the public and private sectors.
