Nigerian Govt Faces N7 Trillion Annual Cost for Police Pension Scheme

The Pension Fund Operators Association of Nigeria (PenOp) has revealed that the Federal Government may require an extra N7 trillion annually if the Police Exit Contributory Pension scheme is implemented. This scheme aims to allow police officers to exit the Contributory Pension Scheme.

PenOp highlighted the financial implications of such a move, emphasizing the significant financial burden it would place on the government. The potential implementation of this scheme raises concerns about the sustainability of Nigeria's pension system and the government's ability to meet the increased financial obligations.