Pension reforms and world bank-regulated laws of the jungle: the case of pensioners in Nigeria

Abstract

Peripheral societies (or better still, non-industrialized, raw materialsexporting states) are originally (and still remain) designed as raw resources supply zone not only in World Bank lexicon but also in global planning and programming of industrialized societies in general. Worker welfare of those both retired and in service may actually not visibly become emphasized in the picture. Thus, workers reaching retirement in Nigeria-type society should indeed be informally regarded as non-productive drain on national resources, such resources being rapidly transferred into private holdings. This paper analyzes the position, characteristics as well as consequences of the current pension scheme adopted by the Nigerian patrimonial state whose implication insensitively seeks to abandon state demonstrative responsibility owed that section referred to as senior citizens in pursuit of the blueprint laid out by alien agencies with questionable, if not suspected destructive agenda.

Key words: Private pension scheme, Pension Fund Administrator, Pension Fund Custodian, Pension stakeholder