The Bill titled “A Bill for an Act to Amend the Pension Reform Act, 2014 to provide for Definite Percentage a Retiree can withdraw from his Retirement Savings Account (RSA) and for other matters related thereto, 2017” (SB 281) passed second reading in Senate.

Leading the debate at the plenary session of Wednesday, May 10th 2017, Sen. Aliyu Wamakko (APC: Sokoto), stated that the Bill intended to curb the nation’s alarming pension crisis. Sen. Wamakko also expressed dismay over the protracted sufferings of retirees who face challenges of accessing saving from their retirement account despite efforts by successive governments to address the matter. He explained that if passed, retirees would be provided with a definite and reasonable percentage to withdraw from their RSA, in appreciation of their selfless service.

Following the unanimous adoption of his submission, the Bill was referred to the Committee on Establishment and Public Service Matters for further legislative input. The Committee has been mandated to report its findings within five weeks.