House of Reps launch investigation into pension fund crisis
The Committee on Pension will thoroughly investigate the pension fund assets, recover the ₦10 trillion loaned to the government.
The resolution was reached following a motion sponsored by Rep. Aliyu Misau (PDP-Bauchi State) during Tuesday's plenary session, September 03, 2023. Misau, highlighting the plight of pensioners, noted the crucial role Retirement Saving Accounts (RSAs) play in securing their post-retirement lives.
Despite adhering to the requirements of the contributory pension scheme, many pensioners find themselves unable to access their hard-earned retirement funds.
Misau expressed deep concern that neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (PFAs) have ensured the timely disbursement of entitlements.
"With pension fund assets surpassing ₦15.5 trillion by the first quarter of 2023, there is no justification for retirees being denied access to their RSA," Misau argued, underscoring the unnecessary hardships this crisis imposes.
Of particular concern is the staggering ₦10 trillion loaned to the Federal Government, a move criticised for exposing contributors to unwarranted financial risks. The House stated the urgency of recovering this loan promptly to prevent further volatility.
The House, in a bid to alleviate the suffering of retirees, has urged PenCom to swiftly release funds for the payment of pensions nationwide.
Deputy Speaker, Rep. Benjamin Kalu, stated the need for the Committee on Pension to thoroughly investigate the pension fund assets, ensuring the recovery of the ₦10 trillion loaned to the government.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: