Nigerian Army Resource Centre Subject Experts Advocate Pension Reforms, Draws Lessons From New Zealand Experience

Nigerian Army Resource Centre Subject Experts Advocate Pension Reforms, Draws Lessons From New Zealand Experience

Today, Friday, 29 May 2026, the weekly edition of the Nigerian Army Resource Centre (NARC) Subject Experts’ Presentation was held at Hall C, TY Buratai Block, Abuja. The only presentation for the day was delivered by Major General IM Obot (rtd), Subject Expert on Oceania. His presentation focused on the growing concerns among pensioners in New Zealand over their inability to cope with rising inflation and the increasing cost of living.

The presentation highlighted how rising household costs have become a major socio-economic challenge affecting populations across the world, with pensioners among the worst hit due to their limited financial flexibility. Although New Zealand maintains a relatively strong pension and social welfare system, inflationary pressures and economic uncertainties have significantly reduced the purchasing power of many elderly citizens.

In his analysis and lessons for Nigeria, Major General IM Obot (rtd) noted that Nigeria operates a Contributory Pension Scheme, which covers federal public service employees, state and local government workers, as well as the organised private sector. However, personnel of the military, intelligence and security services, the judiciary, self-employed persons and many within the informal sector remain outside the scheme.

He further observed that millions of Nigerians working within the informal economy lack pension protection, retirement benefits or structured savings, while some retirees experience delays of several months or even years before accessing their pension entitlements.

Major General IM Obot (rtd) made far-reaching recommendations, including the need for Pension Fund Administrators to strengthen transparency, accountability and efficiency in pension fund management to enhance confidence in the system and improve retirees’ welfare.

The presentation drew insightful contributions during the interactive session from participants.