Public Sector Pension Reform in Nigeria: A Historical Perspective

Abstract

The paper examines the public sector pension reform in Nigeria. Dressed in a historical form it traces the origin of pension in Nigeria, which dates back to the Colonial Nigeria. In particular, the paper unveils the roots of the crisis which made reform inevitable. Also an x-ray of the 2004 pension reform features was undertaken with a highlight of their strength and weakness and what could be done to remedy obvious fault lines.

Keywords: pension, contributory pension; pay-as-you-go; funded pension; programmed withdrawal; annuity.