Nigerian government owes pensioners over ₦400 billion – Senator

Ibrahim Shekarau
Ibrahim Shekarau

The Chairman of the Senate Committee on Establishment and Public Service, Ibrahim Shekarau, has claimed that the federal government currently owes retirees over ₦400 billion in accrued pension, Punch newspaper reported.

Mr Shekarau said this at the second annual National Assembly retreat with the Pension Funds Operators Association of Nigeria (PenOp) held in Uyo, Akwa-Ibom State on Monday.

He said the committee would work with the federal government to offset all the arrears, “even if it would be the only achievement that the 9th National Assembly would be remembered for.

“Government owes the accrued pension funds of over ₦400 billion,” Punch newspaper quoted Mr Shekarau to have said.

He said President Muhammadu Buhari “might not be aware of the huge debt” but pledged to make him address the situation.

“The committee has written a seriously worded letter to the Senate President, insisting that the Senate should take this up with Mr President to make sure this matter is addressed, otherwise it is one step forward, 10 steps backwards.”

Mr Shekarau said his committee would meet with key relevant government officials and agencies and pension operators.

He also decried the indebtedness of state and local governments to their retirees which he said is due to “lack of political will”.

To address this, he said, “We will initiate appropriate amendments. This is very important; otherwise, the pensioners will be suffering.”

In her address, the President of PenOp, Aderonke Adedeji, called for a working pension system to take the hand of corruption off pension funds.

“So, it is evident that a well-functioning, transparent and efficient pension system is critical for all groups of Nigerians and our nation at large. A well-functioning pension industry will reduce the menace of corruption; because individuals will be assured that they have funds they can fall back on during their retirement years.”

Advertisement

PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.