Abstract

The study examined the experiences of old people (pensioners in particular) in Ibadan metropolis under the new economic reform in Nigeria. A total of 84 pensioners comprising 38 males and 46 females participated in the study. Results indicated that the economic reform has more negative impact on the old people. It has increased their level of suffering and hardship. Most of them are living below the poverty line due to irregular payment of their pension income. Social security packaged by the government has not benefited these old people. A greater percentage of them, 46.4%, resorts to private business to make ends meet; 31% depends on family security (i.e. children); 19% on farming; and 31% on charity. The study concludes that social security in Nigeria is faced with many challenges which include; coverage, adequacy, administrative efficiency and transparency, and governance and regulation.