Bauchi Rep Member’s motion for recovery of N10 trillion pension fund adopted
Mohammed Kaka
A motion moved by the house of representatives member for Misau/Dambam federal constituency of Bauchi state, Honourable Aliyu Bappah Misau seeking for recovery of N10 trillion pension fund borrowed by the federal government of Nigeria has been adopted.
The lawmakers passed the resolution during the plenary session on Tuesday after the adoption of the motion sponsored by Aliyu Misau.
The motion was adopted when it was put to a voice vote by Ben Kalu, deputy speaker, who presided over the plenary.
Hon. Aliyu Bappah Misau had while moving the motion, said most pensioners are unable to access their retirement funds despite complying with the requirements of the contributory pension scheme.
According to him, the National Pension Commission (PenCom) and the pension fund administrators (PFAs) have not been able to ensure prompt payment of pensioners’ entitlements.
Hon Misau noted that the N10 trillion pension funds borrowed by the federal government have exposed the contributors to what he described as unnecessary volatility.
He went on to stressed 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 as at the close of the first quarter of 2023.
Hon Misau therefore, submitted that there is no justification for retirees not to have access to their RSA.
The federal Lawmaker observed that critical stakeholders have expressed concern that 65 percent of the pension funds (N10 trillion) loaned to the federal government is an investment which exposes the contributors to unnecessary volatility, expressing fears that the federal government may fail to pay back the loan in due time.
Misau added that the inability of the pensioners to access their funds has caused serious hardship to the retirees as they are unable to afford even basic necessities.
The house subsequently asked PenCom to ensure immediate release of funds for the payment of pensions to all the would be beneficiaries.
