Contributory Pension Boosting Savings Culture In Nigeria-Expert
Abuja, November 5, 2018 (AltAfrica)-The Contributory Pension Scheme (CPS) is boosting the savings culture and deepening the consciousness among Nigerian to plan for their future, the Executive Director, Business Development and Personnel Administration, Trustfund Pensions Limited, Nasiru Musa, has said.
Musa, spoke in an interview with This Day newspaper in Abuja on the sidelines of the maiden essay competition organised by Trustfund Pension for senior secondary schools in Abuja to mark the World Savings Day.
He stated that people have gone beyond the structured savings provided under the CPS to make additional savings, and are reaping the inherent benefits.
According to Musa, the scheme has helped to deepen savings culture in the country, adding that Trustfund’s customer base is in excess of 700,000.
Earlier in his remarks at the essay award ceremony, Musa said the competition falls under Trustfund’s corporate social responsibility.
According to him, the topic for which Miss Glory Chuks Amacha of Model Secondary School, Maitama emerged winner was ‘Saving Today Leads to a Happy Tomorrow,” and was carefully chosen to expose the children to the enormous advantages of savings.
“This is in commemoration of the World Savings Day which is celebrated worldwide…Last year, PenCom directed all pension fund operators to participate in this celebration.
“Trustfund Pensions Limited decided to introduce this essay competition as our own way of inculcating the savings culture in our youths who are tomorrow’s leaders.
“The competition which was targeted at senior secondary school students under the FCT Secondary Education Board, seeks to encourage students and young people to embrace a savings culture early and prepare them for the mandatory Contributory Pension Scheme when they become gainfully employed in the future,” Musa said.
He noted that it was the belief of the company that when they imbibe this culture at a very young age, it would become a lifestyle by the time they go through the higher institutions and are ready for the world of work