The National Pension Commission has barred pension fund administrators from investing in the bonds of nine states that have yet to amend their state pension laws and join the Contributory Pension Scheme.
Findings also revealed that this restriction might be extended to 15 other states that had joined the CPS, but were not showing full commitment to funding the Retirement Savings Accounts of their workers.
Latest figures from the commission showed that as of March 2019, the number of states that had enacted laws on the CPS stood at 27.
Yobe State is still operating the old Defined Benefits Scheme and has taken no action towards adopting the CPS.
Six states, Katsina, Bauchi, Borno, Benue, Kwara and Plateau have drafted bills, while in Akwa Ibom and Cross River, the bills are still in the houses of assembly. Read more