• Tue. May 21st, 2024

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House of Reps to commence investigation of the state of pension funds!

House of Representatives has resolved to investigate the state of pension funds and to recover the N10 trillion loaned to the Federal Government.

The call was a sequel to a unanimous adoption of a motion sponsored by Rep. Aliyu Misau (PDP-Bauchi State) at the plenary on Tuesday.

Moving the motion earlier, Mr Misau said that the Retirement Saving Accounts, RSAs, are the lifelines that pensioners rely upon to cater to their needs upon retirement.

He said that most pensioners are unable to access their retirement funds in spite of complying with the requirements of the contributory pension scheme.

According to him, neither the National Pension Commission, PenCom, nor the Pension Fund Administrators, PFAs, have been able to ensure prompt payment of entitlements.

“Aware that the pension fund assets which PenCom regulates, being the proceeds of the contributory pension scheme and returns on investment, stood at more than N15.5 trillion at the close of the first quarter of 2023,

“There is no justification for retirees not to have access to their RSA; worried that critical stakeholders have expressed concern that 65 per cent of the funds which amount to N10 trillion, loaned to the Federal Government is an investment which exposes the contributors to unnecessary volatility as the Federal Government may fail to pay back the loan in due time.

By News Editor

Our News Editor, Muyiwa is an information management expert and Development Blogger with more than a decade experience in investigative reporting and journalism. He is passionate about human angle stories to all social issues in Nigeria and Africa.