An Analysis of the Legal Regime for Pension Administration in Nigeria

Abstract

This paper analyses the legal regime for pension administration in Nigeria. Based on the various reports implicating various criticisms against the current legal regime on the pension scheme in the country, this paper provides content analysis with the aid of the doctrinal method. It examines the legal regime for pension in Nigeria from 2004 to 2014. The paper x-rays the inherent shortcomings in the 2004 pension scheme giving rise to the 2014 pension scheme. The laudable benefits of the 2014 pension scheme are orchestrated. However, the paper finds that there are inherent lapses, which include lack of direct prosecutorial power on the part of the relevant agencies, unjust and insensitive exclusion of the state and local government workers from the coverage of the current pension scheme and non-Shari’ah compliant approach of the pension scheme. It therefore recommends amendment of the current pension regime to get rid of the inherent shortcomings.