One of the remarkable reforms instituted by the former president Olusegun Obasanjo’s administration was the introduction of the Contributory Pension Scheme (CPS), which replaced the hitherto non-funded Defined Benefit Pension scheme.
The CPS, which is funded in nature with the employee contributing eight per cent to his Retirement Savings Account (RSA) and his employer contributing 10 per cent every month gave workers in both public and private sectors, especially the formal sector workers, future hope but left a gap in non -coverage of the informal sector workers.
https://www.thisdaylive.com/index.php/2019/05/16/benefits-of-micro-pension-scheme/
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