Hitherto, pension system administration in Nigeria was bedevilled by many problems but with the introduction of the new pension reform, there should be a radical transformation and paradigm shift in the pension scheme of Nigeria. The purpose of this study is to ascertain the rationale for the introduction of the Contributory Pension Scheme (CPS) in Nigeria, and to determine the challenges faced by the administrators of the scheme. The study is essentially a desk review of the CPS in Nigeria. The study found that the rationale for the introduction of the CPS in Nigeria included very limited coverage under the Defined Benefit Scheme; inadequate budget allocation; unsustainable and outstanding
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