Reps move to recover N10trn pension fund borrowed Nigerian govt

The House of Representatives has moved to recover the N10 trillion pension fund loaned to the Federal Government.

This followed the adoption of a motion sponsored by the lawmaker from Bauchi State, Aliyu Misau, at Tuesday’s plenary in Abuja.

In his presentation, Misau said the Retirement Saving Accounts (RSAs) are the lifelines that pensioners rely upon to cater to their needs upon retirement.

He lamented that many pensioners were unable to access their retirement funds despite complying with the requirements of the contributory pension scheme.

The lawmaker stressed that neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (PFAs) have been able to give assurance on prompt payment of entitlements.

He said: “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 percent 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.

“Being unable to access their pension has caused untold hardship to the retirees as they are unable to afford even basic necessities.”

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The House, thereafter, urged PenCom to ensure the immediate release of funds for the payment to all retirees in the country.

In his ruling, the Deputy Speaker, Benjamin Kalu, mandated the Committee on Pension to investigate the status of the pension fund assets of over N15.5 trillion.

He said the aim was to ensure that the N10 trillion loaned to the Federal Government from pension funds was duly recovered and modalities were put in place to prevent the collapse of the scheme.

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