Nigeria University News

Gov. Ambode, UNILAG VC Explain How CPS Can Support Macro-Economic Reform

Lagos State Governor, Akinwunmi Ambode. Photo: Leadership Newspaper
Lagos State Governor, Akinwunmi Ambode. Photo: Leadership Newspaper

The Executive Governor of Lagos state, Akinwunmi Ambode and the Vice Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe have both explained how contributory pension scheme (CPS) can help in supporting the country’s macro-economic reform.

Ambode and Ogundipe made the remarks at a two-day workshop for civil servants in Ikeja, Lagos, where they both emphasized on the strategic significance of the scheme to the National economy.

The Lagos state governor, who was represented by the Commissioner for Establishment, Training and Pensions, Dr. Benson Oke said that the last two decades had witnessed a growing support of the idea that enterprises were better run by private individuals and that the role of government should be limited to providing a conducive regulatory and institutional framework that will enable the private sector to thrive.

“Many countries around the world have adopted privatization as an avenue for reform and have often employed similar laws to support the process. The contributory pension scheme and its enabling legal regime will thus facilitate such reforms better than the prior arrangement,” the governor stated.

According to Ogundipe, the CPS would enable Lagos State workers key into the next stage of budgetary reform properly, adding that the training was apt as it would prepare the would be retirees on how to manage life before and after service.

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He enjoined participants at the workshop to prepare themselves by making savings, having program plans that would assist them after service years. He also said that the CPS would allow public servants to get prepared and key into the next phase of life.

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