Senator Salis Advocates Pension Reforms at Abuja Book Launch

As President Bola Tinubu’s administration focuses on various reforms, the government and other stakeholders have been urged to prioritize pension management and administration in the country.

Senator Shuaib Afolabi Salis made this call during the unveiling of a book titled “Understanding Pension Administration and Management in the Contemporary World” in Abuja on Wednesday.

The book, authored by Dr. Imran Saheed Adekunle, Head of the Internal Audit Unit at the Pension Transition Arrangement Directorate (PTAD), provides insights into the practical aspects of pension administration.

In his keynote address, Senator Salis, representing Ogun Central Senatorial District, emphasized the need to scrutinize and improve the pension sub-sector, highlighting its importance in building public trust. He stated that a robust pension and social security system would give Nigerians confidence in the administration.

“When you have things like pensions and social security systems, these are things that give citizens confidence and trust in the administration,” he said.

The Senator added, “A number of reforms are ongoing in the country now. As you are fully aware, we have tax reform bills before the National Assembly. Some of these reforms come with immediate pains, while others have long-term benefits. However, as we carry out these reforms, we must also address pension administration and management. This book contributes to our search for a more sustainable, accountable, and transparent pension system in the country.”

Senator Salis, who chairs the Senate Committee on ICT and Cyber Security, urged all critical stakeholders in Nigeria’s pension sector to engage with the book, stressing the need for reform to restore confidence in the system.

He also expressed concern about the rising trend of cybercrimes among Nigerian youth, stating, “I am sometimes depressed knowing what our youth are doing—using social media to commit crimes like ‘Yahoo Yahoo.’ There are even schools established for cybercrimes in posh areas.”

The Senator further encouraged Nigerians not to leave the task of nation-building to politicians alone, stating, “All of us have a sphere of influence, and we must not forget to do what we can within our capacity.”

Reviewing the book, Prof. Kabiru Dandago, a taxation professor from Bayero University, Kano, noted that the 14-chapter textbook bridges the gap between theoretical and practical aspects of pension administration.

According to Prof. Dandago, “This book is a must-read for students of Accounting, Finance, Business Administration, Insurance, Actuarial Science, and Economics, as well as professionals in the field. It serves as a guide for overhauling the syllabi of tertiary institutions and professional bodies to incorporate pension studies into their programs.”

He added that the book is highly recommended for policymakers, practitioners, and researchers in pension administration and fund management, offering a practical framework for improving the sector.

Prof. Kabiru Dandago, a former Commissioner of Finance in Kano State, called on Civil Society Organizations (CSOs), organized labour groups (NLC and TUC), as well as academic and non-academic staff unions of universities, polytechnics, and colleges of education (ASUU, ASUP, SANNU, NASU, etc.) to embrace the book as a valuable guide for their retirement preparation. He urged them to use it to understand how their entitlements should be accurately determined, computed, and paid in a timely manner.

He commended the author, Dr. Imran Saheed Adekunle, describing him as his “proud mentee,” co-author in academic journal publications, and a longtime friend.

“He is very hard-working, honest, creative, innovative, patriotic, reliable, and loyal to constituted authorities. These are attributes he brought to bear in writing this authoritative and professionally-inclined book,” Prof. Dandago revealed.

He expressed optimism that the book would be well received by its target audience and serve as the long-awaited catalyst for positive and progressive change in pension administration and pension fund management.

Speaking about his motivation for writing the book, Dr. Imran disclosed that the scarcity of reading materials on pension administration and management, particularly in Nigeria and similar contexts, inspired him.

“This book is purposefully written to address this gap,” he said. “It delves into the historical background of pension administration and management, actuarial valuations, pension benefit calculations, and highlights of pension administration in other countries.”

Dr. Imran further explained, “The book is specifically designed to enhance the knowledge of individuals pursuing certifications in Pension Administration, Management, and Actuarial Science at diploma, degree, or postgraduate levels. It is essential for understanding the necessary calculations in pensions and actuarial valuations.”

He emphasized the book’s unique approach, saying, “Each topic begins with clear learning objectives, followed by necessary illustrations and practical resources. The content is deliberately arranged for easy reading and understanding, with graphics to make it appealing and reader-friendly. Additionally, illustrations and examples are included to avoid making it overly wordy.”

According to Dr. Imran, the book is a solid foundation for both students and non-pension professionals who seek to deepen their knowledge, skills, and competence in pension administration and management.

He added that the book also adapts the Contributory Pension Scheme to local expectations, such as treasury-funded gratuity payments to retirees in addition to pension contributions (RSA balances at retirement). This adaptation aims to improve pension operations and management in Nigeria and other countries.

Dr. Imran also highlighted the book’s advocacy for inclusiveness by promoting the Micro Pension Plan (MPP) for workers in the informal sector, who constitute over 60% of Nigeria’s workforce and that of many other developing economies.

He confirmed that the book will be available at various bookstores, book fairs, and online platforms such as Amazon and Kindle.

The launch was attended by Dr. Babatunde Alayande of the Micro Pension Department, National Pension Commission, who served as the second reviewer, alongside top government officials, business executives, and students of finance, taxation, and pension administration.

The event also featured a drama presentation by corps members, highlighting the importance of pension savings as a safeguard against unforeseen challenges and as a means to secure a financially stable post-retirement era.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyrigth bbb