PenCom targets coverage of 30m informal sector

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The National Pension Commission (PenCom) says the goal of its Micro Pension Plan (MPP) is to achieve coverage of 30 million people in the informal sector by 2024.

The Head of Corporate Communications of PenCom, Mr Peter Aghahowa, made the disclosure in Abuja on Tuesday.

Aghahowa, who said President Muhammadu Buhari would launch the MPP on March 28 in Abuja, explained that the plan was an initiative to bring financial inclusion to all working Nigerians.

The PenCom spokesperson said the MPP was aimed at providing pension services to self-employed persons in the informal sector and employees of organisations with less than three staff.

“The informal sector constitutes an estimated 69 million work force in the country and represents an estimated 88 per cent of Nigerian workers that lack pensions and safety nets for their old age,’’ he said.

He said the launch of the MPP would further attest to the current administration’s effort to providing ample opportunities for financial inclusion and economic stability for more Nigerians in the informal sector.

“This initiative gives the self-employed professionals, entertainers, lawyers, doctors, artisans, casual workers etc opportunity to save for pension.

“The launch signifies the commencement of activities that will culminate to the full implementation of the MPP,’’ he added.

Aghahowa said the commission and pension operators would continue the education and sensitisation of the public on MPP through robust campaign in the traditional, social and digital media.

He disclosed that the registration of contributors would begin in subsequent months after the launch.

He maintained that PenCom was committed to good corporate governance and high ethical standards to ensure success of the plan.