The Nigerian Senate on Tuesday passed for second reading a bill seeking to amend the National Assembly Service Pension Board Act, 2023, following a report presented by Senate Leader, Michael Opeyemi Bamidele.

Senator Bamidele, who represents Ekiti Central Senatorial District, explained that the proposed legislation aims to enable National Assembly pensioners to revert to the contributory pension scheme and reconstitute the membership of the Board.

"This proposed amendment is aimed at providing a workable and pragmatic pension framework for the National Assembly staff," Bamidele stated during his lead debate.

He further explained that the current Act has raised critical concerns regarding its implementation, noting that the amendment would address inherent shortcomings by restructuring the Board's governance structure and reintroducing the Contributing Pension Scheme.

According to the Senate Leader, the amendment would also provide templates for payment of gratuities and establish a fund for the scheme, bringing the National Assembly pension administration in line with the Federal Government's policy on pension management.

"The current legal framework does not support a robust pension administration and the National Assembly pensioners, unlike their counterparts in other agencies of government, are at the receiving end," Bamidele emphasized.

Several senators who contributed to the debate supported the bill, describing it as a detailed work that deserves passage.

In his remarks, Senate President Godswill Akpabio commended the committee's work and called for a public hearing to allow National Assembly retirees to participate in discussions about their interests.

"The passage of the proposed amendment bill, I think will be in the best interest of the pensioners so the billions of naira lying there can be paid out through a well-structured pension administration," Akpabio said.

The Senate President also invited the leadership of NASS pensioners to meet with him privately before the scheduled public hearing for what he described as "a crucial discussion."

The bill, which had its first reading on Tuesday, May 28, 2024, is expected to proceed to committee stage following this second reading approval.