Two-pot pension in South Africa and stabilization plan in Nigeria

June 14, 2024 | The VaultNewsletter

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president ramaphosa has assented to the revenue laws amendment bill of 2023 that introduces a twopot system adding a further element to the bouquet of changes to the country's retirement fund regime since 2012
as nigeria's food inflation and inflation generally continues to defy seemingly best efforts the federal government appears to be considering farreaching measures to forcefully and quickly reverse the trend
the president is expected to finalise and issue the executive orders for implementation of the plan within the next two weeks
south africa pres ramaphosa approves the south african institute for drugfree sport amendment bill
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president ramaphosa has assented to the revenue laws amendment bill of 2023 that introduces a twopot system adding a further element to the bouquet of changes to the country's retirement fund regime since 2012

The new system was adopted to address complaints of lack of access to retirement funds by contributors even in cases of emergency or financial distress. Workers resorted to resignations to allow them have access to their retirement fund savings to pay off debt – which was economically detrimental and undermined retirement planning. The new retirement system comprises:

as nigeria's food inflation and inflation generally continues to defy seemingly best efforts the federal government appears to be considering farreaching measures to forcefully and quickly reverse the trend

Following various consultations, Nigeria’s finance minister (and coordinating minister of the economy) presented an Accelerated Stabilization and Advancement Plan (the “Plan”) to President Tinubu on 5th June 2024. The draft ASAP, produced by the Emergency Taskforce of President Tinubu’s Economic Management Team, is targeted at alleviating the impact of price increases on families, farmers, and businesses. As reported, the Plan outlines measures to tackle the economic challenges threatening the administration’s reforms and advance President Tinubu’s 8 economic priority areas, including Agriculture, Energy (Oil, Gas, and Power), Health and Social Welfare, and Business Support.

the president is expected to finalise and issue the executive orders for implementation of the plan within the next two weeks

On a related note, Nigeria has secured a US$ 2.25 bn financial support approval from the World Bank to finance the country’s reform program. US$ 1.5 bn is earmarked for Nigeria’s Reforms for Economic Stabilisation to Enable Transformation (RESET), while US$ 750m is allocated to Accelerating Resource Mobilisation Reforms (ARMOR) Program-for-Results.

south africa pres ramaphosa approves the south african institute for drugfree sport amendment bill

President Cyril Ramaphosa has signed the South African Institute for Drug-Free Sport Amendment Bill into law, aligning South Africa with the World Anti-Doping Code of 2021. The new law made several amendments concerning the South African Institute for Drug-Free Sport (SAIDS), which operates as a public entity under the Department of Sport, Arts, and Culture.

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