Bauchi State Governor Senator Bala Abdulkadir Mohammed has inaugurated members and chairman of the Bauchi State Contributory Pension Commission.
The inauguration was performed by the Secretary to the State Government Hon. Aminu Hammayo on behalf of Governor Bala Mohammed at the government house Bauchi.
The commission is tasked with managing the state pension scheme.
The commission’s primary objective, according to the Governor, is to ensure effective pension management, reduce poverty among the elderly, and smooth consumption between working years and retirement.
He advised the commissio to reposition the pension system and ensure the welfare of retirees.
Hammayo urged the commission to be committed to effective and transparent management of the state’s pension scheme, stressing that the commission’s core mandate is to guarantee timely payment of retirement benefits, reduce poverty among the elderly and ensure seamless transition from active service to retirement.
The SSG highlighted the challenges of the old pension scheme, citing inadequate funding with over 30 billion Naira in outstanding liabilities.
He said the state government has now adopted a fully funded contributory pension scheme, which mandates both employers and employees to contribute a portion of monthly earnings into the pension fund, a reform that him is aimed at restoring sustainability and trust in the pension system.
The newly appointed chairman of the commission, Alhaji Sabiu Baba, who was a former Secretary to the State Government, assured the Governor and people of Bauchi State of the commission’s readiness to discharge its duties diligently.
He pledged that the commission would uphold transparency and accountability, and adhere to the government’s directive to submit annual reports, audited accounts and quarterly financial statements in line with best practices.
The inauguration marks a critical step in the pension reform efforts of the Bala Mohammed administration aimed at securing the future of public service retirees and The commission is expected to submit annual reports, audited accounts, and quarterly financial statements to the government, ensuring transparency and accountability in the management of pension funds.
