The House of Representatives has moved to execute plans to investigate the state of pension funds and to retrieve the N10 trillion given to the federal government as most pensioners can’t access their retirement funds even after complying with every requirements of the contributory pension scheme.
At the plenary on Tuesday, Rep. Aliyu Misau unanimously called to adopt the motion and while moving the motion, he said RSAs (Retirement Savings Accounts) are the lifeline that every pensioner holds as a backup to survive and keep up with their needs after their retirement.
Misau also said, that neither the National Pension Commission (PenCom) nor the Pension Fund Administrators(PFAs) have been able to keep up with the Frequent disbursement of entitlements to the right channels, as in this case the pensioners.
“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.”
He continues, “There is no justification for retirees not to have access to their RSA, worried thy critical stakeholders have expressed concern that 65% 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.”
Furthermore, he explained that the inaccessible funds of the pensioners have caused “untold hardship” to the retirees which has caused them difficulties in settling and in getting necessities. Even amidst this turbulent time that the State of the economy is unstable, it seems like an unacceptable thing to hold on to the pension of the retirees.
He said, “Being unable to access their pension has caused untold hardship to the retirees as they are unable to afford even necessities.
Deputy Speaker Benjamin Kalu two has made a must-do action for the committee to Investigate the situation surrounding pension funds assets of over N15.5 trillion. The committee is also tasked by the House of Rep to work actively in recovering the Ten Trillion Naira loaned up to the federal government.