FG borrows N5.5tn from pension savings, delays minimum payment

About two years after the Pension Fund Administrators started funding the Pension Protection Fund meant for financing minimum pension payment to retirees under the Contributory Pension Scheme, the Federal Government has yet to fulfil its own side of the funding arrangement.

Figures obtained from the National Pension Commission showed that the Federal Government had borrowed N5.5tn of the total pension contribution, which stood at N7.79tn as of the end of February this year.

According to the commission, the funds are invested in the FGN bonds and treasury bills.

An official of one of the PFAs, who spoke with PUNCH correspondent, said that the firms had commenced the funding of the minimum guarantee fund, but the Federal Government had not yet started its share of the funding.

PUNCH, April 30, 2018

 

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