The President, Muhammadu Buhari, inaugurated on Tuesday the National Steering Committee of the National Poverty Reduction with Growth Strategy, chaired by Vice-President Yemi Osinbajo.
He said this re-echoed his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement on Tuesday titled, ‘President Buhari inaugurates steering committee on poverty reduction, establishes private equity fund.’
Speaking at the ceremony, the President said the NPRGS had already proposed the establishment of a private equity fund, the Nigeria Investment and Growth Fund, to lead resource mobilisation drive and also manage the resources in a sustainable manner.
Seven years after the Federal Government amended the Pension Reform Act, which stipulated that employers should remit 18 percent of workers’ monthly emoluments into their RSAs, the government is yet to comply with its own law.
The Pension Reform Act promulgated in 2004 had stipulated that workers and employers should contribute 7.5 per cent each of the monthly emoluments into the workers’ RSAs with their respective Pension Fund Administrators.
The amended PRA 2014 mandated all employers under the CPS to raise workers’ pension remittance to 18 per cent.
According to the amended law, eight per cent of the workers’ monthly salaries should be the employees’ contribution, while the employers should contribute the remaining 10 per cent.
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