The House of Representatives is probing Nigeria’s ₦15.5 trillion pension assets and ₦10 trillion loan to the government to protect retirees’ savings and ensure accountability from Pension Fund Administrators.
The Nigerian House of Representatives is addressing concerns over the management of over ₦15.5 trillion in pension assets and the ₦10 trillion loaned to the federal government from the fund.
In a recent briefing, Chairman of the Committee, Rep. Hussaini Mohammad Jalo and Deputy Chairman Prince Olaide Mohammed outlined the committee’s investigation into these critical issues.
Firstly, Jalo explained that the committee’s task is to ensure the repayment of the N10 trillion loan and to protect the integrity of the pension schemes.
A key focus is investigating why Pension Fund Administrators (PFAs) are failing to meet their obligations to retirees, particularly regarding access to retirement savings.
“Retirees are facing unnecessary hardship,” said Jalo.
“Pensioners have the right to their funds, and we will address this issue.”
Moreover, the committee will also scrutinise whether PFAs are delivering adequate returns to contributors. Jalo urged the public to report any complaints about PFAs for further action.
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In addition, Rep. Olaide Mohammed highlighted the non-compliance of many private sector companies with the Pension Act, which mandates that companies with 15 or more employees must enrol them in pension schemes.
He assured that the committee is addressing this issue and working to ensure all workers, both in the public and private sectors, benefit from the pension system.
Ultimately, the committee is committed to bringing about reforms to improve Nigeria’s pension system and to protect the rights of retirees.
