In a bid to strengthen infrastructure and boost economic development, Ondo State Governor Lucky Aiyedatiwa has revealed plans to strategically leverage pension funds for key infrastructural projects.
The governor made the announcement on Tuesday while hosting a delegation from the National Pension Commission (PenCom), led by its Director-General, Ms Omolola Oloworaran, at the Government House in Akure.
Aiyedatiwa emphasized that pension funds are not only essential for securing the future of retirees but can also be a powerful vehicle for long-term economic transformation.
“The commitment of this administration to pension reform is unwavering. We see pension funds as not just a means to secure the future of our retirees but also as a strategic tool to unlock infrastructural development in Ondo State,” the governor stated.
Ondo State currently boasts a 72.44% compliance rating with the Contributory Pension Scheme (CPS), according to a recent PenCom inspection. Governor Aiyedatiwa pledged to raise the state’s score to 95%, in line with PenCom’s challenge for improved standards.
Ms Oloworaran recommended significant amendments to the state’s pension law, including:
Establishing a Minimum Pension Guarantee for low-income earners
Implementing an Irrevocable Standing Payment Order to ensure uninterrupted remittances
Making Pension Compliance Certificates mandatory for business licenses and public contracts
She emphasized the need for urgency in implementing reforms, stating that the commission is keen to see Ondo become a model for pension governance.
Aiyedatiwa responded with a firm commitment:
“This is a joint responsibility. We owe it to our senior citizens and future generations to build a pension system that is robust, transparent, and impactful.”
