Nigeria’s new pension scheme is in grave danger. The N3.3trillion so far raised from the contributory pension fund is now a tempting target for predatory government officials.
From all indications the tragedies visited on pensioners by fraudulent civil servants and employers may be child’s play compared to the fresh threat to the contributory pension scheme highlighted last week in Abuja.
From all indications the tragedies visited on pensioners by fraudulent civil servants and employers may be child’s play compared to the fresh threat to the contributory pension scheme highlighted last week in Abuja.
Mrs. Chinelo Anohu-Amazu, the acting director-general of the Pension Commission (PenCom), raised the alarm. She has a penchant for speaking in parables apparently because as a civil servant, she can only open up when “directed”. Last week she was not directed so she just pointed to the danger lurking round the corner for the nation’s pension funds in vague terms and rhetorical questions.
The federal government had over the years indicated its intention to pinch from the ballooning pension fund to invest in the nation’s inglorious power sector. But no one had been transparent enough to articulate the instrument through which the funds could be cycled to end Nigeria’s eternal darkness. All the faceless fund seekers have done is to mount “intense pressures” on PenCom to dole out the funds.
The federal government had over the years indicated its intention to pinch from the ballooning pension fund to invest in the nation’s inglorious power sector. But no one had been transparent enough to articulate the instrument through which the funds could be cycled to end Nigeria’s eternal darkness. All the faceless fund seekers have done is to mount “intense pressures” on PenCom to dole out the funds.
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