Using pension funds for other purposes is gross abuse of senior citizen’s rights, and is worse than not implementing a national minimum pension for retirees.
This was part of a presentation by the Nigeria Labour Congress president, Joe Ajaero, at a National Pre-retirement summit in Abuja with the theme: From retirement to abandonment
Ajaero also querried the sincerity in the contributory pension scheme while raising the alarm that pension funds administrators, PFA, engage in investment with pensioners contributions, yet no interest is remitted to the pensioners accounts.
Ajaero’s remark is coming on the heels of plans by the federal government to borrow pension funds to construct 5,000 kilometres of roads.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the move during an online chat with select journalists, according to a statement by the ministry’s spokesman, Mohammed Manga.
The minister presented the project as part of a broader strategy to stimulate economic growth through private sector participation and institutional investment.
Editor: Ebuwa Omo-Osagie
