By Nafisat Makinde
The Nigerian Senate has taken a significant step towards reforming the pension scheme for National Assembly members. On Tuesday, May 20, 2025, the Senate approved a bill for second reading that seeks to amend the National Assembly Service Pension Board Act, No. 62, 2023. The bill aims to revert to a contributory pension system.
Senator Bamidele Opeyemi, the Senate Leader and sponsor of the bill, presented it on the Senate floor, emphasizing the need to overhaul the existing pension framework. According to Senator Opeyemi, the current system requires reform to ensure sustainability and fairness for National Assembly personnel.
Several senators supported the bill, including Senator Barau Jibrin, Deputy Senate President, and Senator Tahir Monguno, Senate Whip. They highlighted the importance and timely nature of the legislation, noting that it would create a more viable pension system aligned with best practices. The bill was subsequently referred to the Committee on Establishment and Public Service for further scrutiny, with a directive to report back within four weeks.
Senate President Godswill Akpabio expressed support for the legislative move, signaling a commitment to pension reform in the legislative arm of government. With no objections raised, the bill is now one step closer to becoming law, pending a third reading and final deliberation. The proposed reform is expected to enhance transparency, sustainability, and equity in the pension management of Nigeria’s National Assembly retirees.
