THE CHALLENGES OF NIGERIA’S ECONOMIC RECESSION ON THE FINANCIAL WELLBEING OF RETIREES OF ENUGU STATE LOCAL GOVERNMENT SYSTEM

Abstract

The present economic realities in Nigeria has posed a serious threat to the overall wellbeing of most of the Nigerian senior citizens who have now resorted to begging for help from relatives and friends because of irregular or non-payment of their entitlements. Consequent to this, the study examined the challenges of Nigeria’s economic recession on the financial wellbeing of retirees of Enugu State local government system. Questionnaires and focus group discussion (FGD) were used to collect data from 240 retirees of the Enugu State local government system in three local government councils (one from each of the senatorial zones). Findings of the study reveals that majority of the respondents (62.1%) have had very difficult experience in meeting up with monthly expenses. In other words, many of the respondents have seen themselves as being more in debt compared to their working years. The findings showed that such corrupt practices like padding of figures and inclusion of ghost names by the accounts units, collaboration with Microfinance Banks for unnecessary deductions and other issues had contributed in worsening the situation. The study did made some recommendations which includes the immediate adoption of the new pension system as modified in 2014 in the State, entrepreneurship training of the seniors before retirement, involvement of EFCC ICPC and other relevant legal freamwork.