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Nigeria: Pension Fund - FG's Contributions Hit N874bn
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This Day (Lagos)
15 May 2008
Posted to the web 15 May 2008
Sufuyan Ojeifo
Abuja
Director-General of the National Pension Commission (NPC), Malam Muhammed Kabir Ahmed has said that the Federal Government's contributions to the pension fund of its employees have hit N874 billion.
He spoke at a public hearing on the problems associated with the implementation of the Pension Act, 2004. The hearing was organized by the Senate Committee on Establishment and Public Services.
According to him, "So far, a total of N874 billion has been accumulated as pension assets in the industry and these are being invested in various instruments as required in our guidelines and thus boosting the real sectors of the economy.
"Government has consistently been honouring its monthly pension contribution obligations for its employees. But remittances of the contributions with the Central Bank of Nigeria are being hampered by documentation challenges."He told the Senate Committee that, "Consistent with the guidelines, the Commission has licensed 25 Pension Fund Administrators, 4 Pension Fund Custodians, 7 Closed Pension Fund Administrators and approved 18 Pension Schemes for continuation."
Senate President, Senator David Mark, who declared the public hearing open expressed concern over the delay in pension payment.Represented by the Senate Leader, Senator Teslimm Folarin, he stated.
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"We have a situation that people work all their lives honestly and when it gets to the time for them to collect their pensions, they run into all sorts of problems."Quite frankly it is unacceptable, the tragedy again is that a lot of them lose their lives, even before collecting this pension and it is really, really a sad story."It is a source of concern and it is not the choice of the government of the day to have this present situation. The Committee should come up with a fixable solution that will solve the lingering crisis."He said that the Senate had commenced moves towards resolving problems hindering the implementation of the Pension Act 2004.Chairman of the Senate Committee on Establishment and Public Service, Senator Mohammed Ahmed disclosed that the Committee had received 41 petitions relating to non-payment of pensions, among others, a situation he described as alarming.
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