The Senate on Tuesday passed for second reading a bill aimed at reforming the pension scheme for National Assembly members by reverting to a contributory pension system.

The bill seeks to amend the National Assembly Service Pension Board Act, No. 62 of 2023, with the goal of overhauling the current pension framework to ensure sustainability and fairness for personnel of the National Assembly.

Senate Leader, Senator Opeyemi Bamidele, who sponsored the bill, emphasized the urgent need for a sustainable pension structure that aligns with modern best practices during his presentation on the Senate floor.

Supporting the bill, Deputy Senate President Senator Barau Jibrin and Senate Whip Senator Tahir Monguno stressed the importance and timeliness of the reform, noting that it would create a more viable pension system benefiting National Assembly workers.

With no objections raised by other Senators, the bill was referred to the Committee on Establishment and Public Service for further examination and is expected to report back within four weeks.

Senate President Senator Godswill Akpabio also expressed his support for the bill, signaling the Senate’s strong commitment to pension reform in the legislative arm of government.