In January 2019, President Buhari launched Nigeria’s Micro Pension Scheme – which allows self-employed persons and persons working in organisations with less than 3 employees to save for the provision of pension at retirement or incapacitation.
The Buhari Administration is prioritizing the payment of pension arrears owed staff of current and privatized/defunct Federal agencies:
N54 billion released to settle outstanding 33% pension arrears (the 33% pension arrears date back to 2010 when the minimum wage was increased to N18,000).
Delta Steel Company (liquidated in 2005): 3,542 pensioners have now been placed on the payroll, ending a 13-year wait for their entitlements.
NITEL: 9,216 pensioners payrolled, after more than a decade of neglect
Retired Biafran Police Officers (dismissed by the Federal Government in 1971, after the Civil War ended, and pardoned by President Obasanjo in 2000): President Buhari approved the payment of the pensions, unpaid since their pardon in 2000. N571.56 million was paid to a total of 174 beneficiaries in October 2017
Nigeria Airways: President Buhari approved the release of N24 billion in September 2018, for the settlement of 50% of workers disengaged when the airline was liquidated in 2003/4.
Recoveries: The Pension Transitional Arrangement Directorate (PTAD) has recovered cash and non-cash assets totaling N16 billion previously trapped in various insurance companies and underwriters managing the pension funds of Federal Parastatals and Universities.