The National Pension Commission (PenCom) has revealed that a total of 95,045 participants have contributed N436 million under the Micro Pension Plan (MPP) as at April 2023.
Director General of PenCom, Aisha Dahir-Umar, made the disclosure during the Micro Pension Open Day organised by the Pension Operators Association of Nigeria (PenOp) in Lagos.
The DG says, the MPP initiative will help to promote economic growth by providing a stable source of income for retirees and reduce old-age dependency, thereby causing a reduction in the poverty rate.
The PenCom boss said, the Commission has recorded some modest success in its efforts to extend pension coverage to the informal sector.
Adding that there is need for more to be done to achieve the desired outcome of extending coverage to workers in the informal sector with an estimated 50 – 75million workers.
The MPP was formally launched in March 2019 by the former President of the Federal Republic of Nigeria, Muhammadu Buhari, as part of the Commission’s efforts to expand pension coverage to workers in the informal sector.