PENSION FUNDS: BUHARI URGED TO STOP GOVERNORS FROM BORROWING N17TRN

Written by on December 7, 2020

PRESIDENT MUHAMMADU BUHARI HAS BEEN ASKED TO URGENTLY INSTRUCT THE DIRECTOR-GENERAL AND BOARD OF THE NATIONAL PENSION COMMISSION (NPC) TO USE THEIR STATUTORY POWERS TO STOP THE 36 STATE GOVERNORS FROM BORROWING OR WITHDRAWING N17 TRILLION FROM THE PENSION FUNDS PURPORTEDLY FOR ‘INFRASTRUCTURAL DEVELOPMENT.’

THIS WAS CONTAINED IN AN OPEN LETTER TO THE PRESIDENT BY THE SOCIO-ECONOMIC RIGHTS AND ACCOUNTABILITY PROJECT (SERAP) ON SUNDAY.

THE GOVERNORS LAST WEEK REPORTEDLY PROPOSED TO BORROW AROUND N17 TRILLION FROM THE PENSION FUNDS AFTER RECEIVING A BRIEFING FROM THE KADUNA STATE GOVERNOR, MALLAM NASIR EL-RUFAI, WHO IS THE CHAIRMAN OF THE NATIONAL ECONOMIC COUNCIL AD HOC COMMITTEE ON LEVERAGING PORTION OF ACCUMULATED PENSION FUNDS FOR INVESTMENT IN THE NIGERIA SOVEREIGN INVESTMENT AUTHORITY [NSIA].

BUT IN A LETTER DATED 5 DECEMBER, 2020, AND SIGNED BY SERAP’S DEPUTY DIRECTOR, KOLAWOLE OLUWADARE, THE ORGANIZATION SAID ALLOWING THE GOVERNORS TO BORROW FROM PENSION FUNDS WOULD BE DETRIMENTAL TO THE INTEREST OF THE BENEFICIARIES OF THE FUNDS, ESPECIALLY GIVEN THE VULNERABILITY OF PENSION FUNDS TO CORRUPTION IN NIGERIA, AND THE TRANSPARENCY AND ACCOUNTABILITY DEFICITS IN SEVERAL STATES.


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