Buhari launches micro pension plan for self-employed

President Muhammadu Buhari yesterday launched the Micro Pension Plan (MPP) for self – employed Nigerians including okada riders, butchers and others working in the informal sector of the country.

Launching the scheme at the State House, Abuja, he said the dignity of public servants, who worked tirelessly and sacrificed for the greatness of Nigeria, will be restored.

He assured that the Federal Government will rev up the process of sanitizing the pensions system and continue to support the National Pension Commission to ensure a successful roll-out of the Micro Pension Plan.

He said trade associations, unions, non-governmental organizations and other stakeholders in the informal sector should join hands with the government and pensions industry to enlighten their members and the general public on the benefits of MPP.

“Today, millions of traders, farmers and other entrepreneurs in various cottage industries are completely excluded from the different pension programs in existence,” he said.

In her remarks, the acting Director-General of National Pensions Commission, Hajiya Aisha Dahir-Umar, said the MPP targets the significant majority of Nigeria’s working population who, incidentally, operate in the informal sector.

“Participants are expected from various informal sector workers including market women, members of the National Union of Road Transport Workers (NURTW), members of Textile, Garment and, Tailoring Associations, Keke Napep and Okada riders associations, butchers associations, workers in the movie and performing art industry, mechanics and others in the automotive industry and single professionals like lawyers, accountants,” she said.

She said the contributors may make contributions daily, weekly, monthly or as may be convenient to them.

“Every contribution shall be split into two, comprising 40 percent for contingent withdrawal and 60 percent for retirement benefits. The contributor may be based on his/her needs, periodically withdraw the total or part of the balance of the contingent portion of his/her RSA, including all accrued investment income thereto.

“The contributor may also choose to convert the contingent portion of the contributions to the retirement benefits portion. The remaining balance in the contributor upon retirement or attaining the age of 50 years,” she said.