By Victoria Okpanachi
Professor Matthew Fashagba, a distinguished scholar in Business Administration, has called on the government and policymakers to implement a regular review of pension reform to reflect present economic realities.
Professor Fashagba, made the appeal while delivering the 25th Inaugural Lecture of the Federal University Lokoja, with the Topic: Retirement Benefits Adequacy: The need To Reform Nigeria’s Pension Reform
Professor Fashagba emphasised that the financial well-being of retirees must remain a priority in national planning.
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The Don raised concerns over the lack of pension reforms in the country since the last reform in 2014, despite a legal mandate requiring updates every five years.
He noted that inflation, economic shifts, and evolving social needs calls for frequent policy adjustments to ensure pensioners maintain a decent standard of living.
According to him, failure to take care of the old shows an irresponsible society while stressing that Nigeria cannot continue to maintain a reform that fails to achieve its purpose.
He asserted that many workers are forced into poverty after dedicating their productive years to service, highlighting the urgent need for pension reform.
As part of his recommendation, Prof Fashagba called for a review in raising the minimum age for accessing pension benefits from 50 to at least 60 years.
This adjustment, he argues, aligns with global best practices, citing the Netherlands, which recently increased its retirement age from 65 to 67 to sustain its pension system.
Beyond increasing the retirement age, the Don advocates for the introduction of a guaranteed minimum pension for all retirees.
According to him, such a move in Nigeria, would help secure the financial future of retirees while strengthening the nation’s overall pension framework.
In his welcome address, the Vice-Chancellor of the University, Prof. Olayemi Akinwumi, emphasised the importance of inaugural lectures in academic institutions, describing them as a platform for distinguished professors to share their research insights and intellectual contributions with the university community and the public
Prof. Akinwumi congratulated the inaugural lecturer on his distinguished achievement, describing the lecture as a testament to his years of dedication to research and the pursuit of knowledge.
