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The introduction of the Micro Pension Plan in Nigeria has enhanced financial inclusion within the informal sector, playing a crucial role as a safeguard during retirement. Since its inception, the MPP has gained considerable traction, evidenced by increasing enrolments. In the first quarter of 2024 alone, 12,559 new contributors joined the MPP, bringing the total number of Micro Pension Contributors to 126,941. During this period, these new MPCs collectively contributed ₦111.
Guided by the provisions of the PRA 2014, the National Pension Commission introduced the MPP with the specific objective of broadening pension coverage to include workers in the informal sector. The Central Bank of Nigeria Communique No. 150 of the Monetary Policy Committee Meeting in February 2024 posits that the informal sector remains the largest employer in Nigeria, accounting for 92.3 percent of total employment.
The MPP was designed to considers the diverse income patterns within the informal sector, hence the flexibility in allowing participants to determine the frequency of making contributions. Accordingly, individuals determine their contributions and frequency based on their financial capacity and pension aspirations.
The Revised Regulation on the Administration of Retirement and Terminal Benefits ensures clarity in benefit payments to MPCs. Those unable to procure monthly pension/annuity up to one-third of the prevailing minimum wage receive en-bloc payments.
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