The House of Representatives has resolved to investigate the state of the pension funds and recover the N10 trillion lent to the federal government.
The call followed the unanimous adoption of a motion sponsored by Aliyu Misau (PDP-Bauchi State) at plenary on Tuesday.
In advancing the motion, Misau said Retirement Savings Accounts (RSA) are the lifelines that pensioners depend on to meet their post-retirement needs.
He said that the majority of pensioners cannot access their retirement funds despite meeting the requirements of the contributory pension scheme.
According to him, neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (AFP) have been able to guarantee the prompt payment of rights.
“Aware that the assets of the pension funds regulated by PenCom, which are contributory pension scheme income and investment returns, amounted to over N15.5 trillion at the end of the first quarter of 2023, we do not There is justification for retirees not having access to their RSA.
“I am concerned that critical stakeholders have expressed concern that 65 per cent of the funds, amounting to N10 trillion, lent to the federal government is an investment that exposes taxpayers to unnecessary volatility, as the The federal government may not repay the loan on time. time.
“Not being able to access their pension has caused incalculable difficulties for retirees, as they are unable to cover even basic needs,” he said.
The House urged PenCom to ensure the immediate release of funds for the payment of pension funds to all retirees in the country.
In his ruling, the Vice President, Benjamin Kalu, ordered the Pension Committee to investigate the status of pension fund assets worth over N15.5 trillion.
He said the objective is to ensure that the N10 trillion lent to the federal government by the pension funds is duly recovered and that modalities are put in place to prevent the collapse of the scheme.
He tasked the committee to also examine the AFPs’ failure to meet their obligations to retirees regarding access to their retirement savings.