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N19.6 Trillion Pension Fund: Labour opposes FG’s plans to undermine retirement savings

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N19.6 Trillion Pension Fund: Labour opposes FG’s plans to undermine retirement savings
N19.6 Trillion Pension Fund: Labour opposes FG’s plans to undermine retirement savings

By Joan Nwagwu

The Organised Labour has frowned at the Federal Government’s plan to utilise the N19.66 trillion pension funds for infrastructure development.

This is contained in a joint letter signed by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), which was addressed to the Minister of Finance on Thursday in Abuja.

The letter, which was signed by Mr Joe Ajaero, NLC President and Mr Tommy Etim-Okon, TUC Deputy President, was entitled “Leave our Pension Fund Alone:Do not Tamper with Workers’Funds”.

According to Ajaero, the announcement has ignited deep apprehension and unrest among Nigerian workers, who are the primary contributors of these funds.

“We, therefore, urge the government to reconsider its plans to tap into
pension funds and instead explore sustainable financing options that do not
compromise the retirement security of Nigerian workers.

“Organised Labour will resist any action that seeks to undermine the retirement savings of Nigerian workers,” they said.

The letter, however, noted that the government had allegedly accessed nearly 70 per cent of the entire pension funds, adding that it was not merely alarming; it was unacceptable.

It said that Nigerian workers had entrusted their hard-earned savings for retirement security, and not for government projects.

“It is imperative to halt any further plans to tap into these funds, especially given the lack of transparency and accountability in past government borrowing practices.

“You proposal to further leverage these funds for the purported betterment of housing and infrastructure raises serious concerns about fiscal prudence and responsible governance,”it said.

According to labour, where does the government intend to source the additional N20 trillion it seeks to acquire, especially considering the ambiguity surrounding previous borrowing practices from.

It said the lack of clarity on the matter only fuels skepticism regarding the feasibility and sustainability of the initiative.

“Nigerian workers demand assurances that their retirement funds will not fall victim to further Federal Government borrowing.

“This is especially when the PENCOM Board has not been constituted as enshrined in the statutes.

“One is left to wonder which Board superintends over such discussion with the government. Seeking to borrow from the fund is not backed by the Pension Act,” it said.

It said that this was in spite of the government’s assurances of widespread consultation with major stakeholders in the Pension industry.

It said it was disheartening to note that the NLC and TUC, representing the owners of the entire Pension fund contributions, were not consulted nor informed about the government’s intentions.

“This lack of transparency undermines the sanctity of pension funds, which should be treated with utmost reverence and protection at all times.

“It is incumbent upon the government to prioritise alternative sources of funding
that do not imperil the financial security of Nigerian workers.

“We insist that any initiative aimed at leveraging pension funds for national development must be executed with utmost transparency, accountability, and respect for the rights and interests of workers.

“Furthermore, we strongly oppose the notion of the government engaging in fierce competition with other users of funds in the Pension fund market.

“We remain resolute in our commitment to safeguarding the welfare and interests of workers across the country,” it said.

N19.6 Trillion Pension Fund: Labour opposes FG’s plans to undermine retirement savings

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USAID Urges Adamawa Officials to Sustain State2State Interventions and Reforms

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USAID Urges Adamawa Officials to Sustain State2State Interventions and Reforms

The United States Agency for International Development (USAID) has called on Adamawa State officials to continue supporting various interventions and reforms to foster sustainable development across key sectors. The call was made during a review of Adamawa’s financial instructions held in Yola on Wednesday.

Aduku Godwin, the Regional Advisor for USAID’s Learning to Read Project, emphasized the importance of maintaining these reforms to drive long-term progress in areas such as governance, education, and infrastructure development. He affirmed USAID’s commitment to collaborating with the State2State team in Adamawa to enhance good governance and ensure quality education in the state.

Machill Maxwell, USAID Project Management Specialist for Integrated Governance, commended the improvements seen in Adamawa’s health, education, and Water, Sanitation, and Hygiene (WASH) sectors. He stressed the need for efficient and accountable use of resources, pointing out that past inefficiencies had limited the impact of significant financial investments.

Hajiya Nafisa Ado, Senior Technical Assistant and Learning Advisor for the Learn to Read Project, expressed satisfaction with the partnership aimed at building the capacity of state officials to promote transparency, accountability, and effectiveness in governance and education.

Similar collaborative efforts are also underway in Bauchi, Gombe, Ebonyi, and Sokoto States as part of USAID’s broader initiative to support state-level reforms in

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Jos DisCo urges Gombe customers to reciprocate improved power supply

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Jos DisCo urges Gombe customers to reciprocate improved power supply

The Jos Electricity Distribution Plc (JED), on Wednesday, appealed to its customers in Gombe State to pay their electricity bills as a way of reciprocating the improved power supply in the state and its franchise.

Mr Abdu Mohammed, the managing director of JED, made the call while speaking at a customer consultative forum held in Gombe.

Mohammed decried the non-payment of electricity bills by consumers in the state, noting that the attitude of energy users in that regard was posing a big challenge to the company.

Represented by Mr Yerima Baba, the manager of Doma regional office, Mr Mohammed said the customers had a duty to pay for services that they have enjoyed.

According to him, this will enable JED sustain the improvement towards guaranteeing customers’ satisfaction across its franchise.

He stated that in the month of August, the energy bill for the state was N1.3 billion and only about 15.4 per cent of the total bills charged had been paid by customers.

“The electricity business is changing gradually and drastically. It is well known that Jos electricity is giving out the total volume of energy.

“There are feeders we give up to 100 per cent energy; this means that if translated to money, our monthly energy increases as well as the bill.

“But unfortunately, the response from the customers is appalling, so bad that if it continues like that, it would be difficult to sustain the business.

“We are consuming the total energy that is worth over N2 billion yet, the income generated from the two regions in Gombe State as at Tuesday September 17 is less than N200 million.

“We were billed over N1.3 billion for the month of August for the whole of Gombe and Doma,” he said.

Mohammed said there was high level of apathy in terms of payment of electricity bills, lamenting that people were paying just what they like.

“We are calling on customers to reciprocate now that energy is stable and availability is increasing; we are out to serve you please help us to serve you better,” he said.

Mohammed also decried the high rate of energy theft and vandalism which he said was affecting the company.

Also speaking, Mr Saad Abubakar, the manager of Gombe regional office said JED was working to improve on its metering, adding that improvements and customers’ satisfaction remained a critical component of the organisation.

Abubakar commended the customers for turning out to engage with JED on how to improve service delivery while assuring them that all genuine concerns raised would be addressed.

Our correspondent reports that customers during the engagement lauded JED for improved power supply in the state.

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Tito Jackson, Michael Jackson’s Brother and Jackson 5 Member, Dies at 70; Nigerians Pay Tribute

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Tito Jackson, Michael Jackson’s Brother and Jackson 5 Member, Dies at 70; Nigerians Pay Tribute

Tito Jackson, renowned as a member of the iconic Jackson 5 and the older brother of Michael Jackson, has passed away at the age of 70. His death has sparked a wave of mourning among fans in Nigeria and around the world.

Tito’s contributions to music and his role in the Jackson 5, a group that revolutionized pop music, are being remembered fondly.

Tributes are pouring in as fans and fellow musicians celebrate his legacy and the significant impact he had on the music industry.

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