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EVALUATION ON PUBLIC PENSION SCHEME IN NIGERIA: THE NEED FOR URGENT REFORM

Nigeria’s public pension scheme, once a symbol of post-retirement security, now grapples with delayed payments, corrupti...

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5

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quantitative

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INTRODUCTION CHAPTER ONE 1.1 BACKGROUND OF THE STUDY The administration of pensions in Nigeria has a long and storied history that extends back to the 1950s. The Pension Reforms Act of 2004 brought to light the new pension system in Nigeria, which is a defined contributory plan. This is in contrast to the previous pension system, which had mostly defined benefits. The topic of retirement income has been extensively discussed in a wide variety of nations during the last several decades. In poi...

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