Assessment of the Pension Reform Act 2014 Under President Muhammadu Buhari’s Administration, 2015-2023

Abstract

The pension fund administration in Nigeria has always been fraught with a lot of challenges for employers and employees alike. Several reforms initiated by successive administrations have failed to address the malaise. The introduction of the Contributory Pension Scheme 2004 as amended in 2014 gave renewed hope that is yet to be properly explored by existing studies. The main objective of this study is therefore to assess the Pension Reform Act 2014 from 2015–2023 under the administration of President Muhammadu Buhari’s administration. The study adopted a qualitative research design. Secondary sources of data were employed and complimented with interviews with key informants. The data were validated using the proofreading method and analyzed using the content analysis method. Findings revealed that the 2014 PRA makes provisions that border on participation and contribution, stiffer sanctions and penalties, and investment, which have seen more employees enrolling in the scheme and an increase in savings due to the faithful implementation of the provisions of the act. It is recommended that the current tempo be sustained, and efforts should be made to invest more in the critical infrastructure aspect of the investment portfolio for improved welfare of the employees and growth of the Nigerian economy.