Pension Fund Accounting In Nigerian Public Sector: A Contemporary Approach (A Case Study Of University Of Calabar,)

ABSTRACT

This research focus mainly to find out the challenges militating against the effective and efficient running of pension in the public sector, on the other hand to enhance the effectiveness of the National Pension Commission and Federal Pension Board towards their jobs. The fact that some factors hindered the administration of the old pension fund scheme such as unfounded aspect of the scheme has made the Nigeria government to have accumulated much pension liabilities, because of these Challenges the Federal Government of Nigeria embarked upon new pension reform which was signed into law on 20th June 2004. For the existing pensioners who are not under the new pension reform, Federal Government have introduced the new e-payment scheme. Therefore, Nigeria stands to benefits from the new pension scheme as it addresses the pension liability by stemming its further growth. For the new e-payment scheme, the existing pensioners will not experience stress. The scheme also imposes fiscal discipline or the nation and is a solid foundation for economic development.