July 21, 2024

Pensioners warn FG not to tamper with Contributory Money.

By Afolabi Oyekunle.

The contributory pensioners have expressed their

unequivocal condemnation of the federal government’s proposal to utilize #20 trillion from their hard-earned pension savings saying the proposition is not only financially imprudent but also morally indefensible.

“Our pension savings represent the fruits of decades of labor and diligent contribution, intended to secure our retirement and ensure financial stability in our later years. Any attempt to divert these funds undermines the very purpose of the contributory pension scheme, which is to provide us with a reliable and secure income after retirement.”

The government’s move raises several grave concerns:

Breach of Trust: Our contributions were made with the understanding that these funds would be managed responsibly and used solely for our benefit upon retirement. Diverting these funds for other purposes constitutes a severe breach of this trust.

Financial Security: The pension funds are our lifeline. Utilizing them for purposes other than our retirement benefits jeopardizes our financial security and leaves us vulnerable in our old age. This is especially alarming given the current economic uncertainties.

Legality and Governance: The management and utilization of pension funds are governed by strict regulations to ensure their safety and growth. Any attempt to use these funds outside their intended purpose is not only legally questionable but also undermines the governance framework of the pension system.

Moral Implications: It is ethically wrong to consider pensioners’ savings as a convenient pool of funds for government projects or debt servicing. Our savings are not a bailout fund for fiscal mismanagement or economic shortfalls.

We urge the government to reconsider this proposal and seek alternative means of addressing its financial challenges. Instead of compromising the future of its senior citizens, the government should focus on sound economic policies and sustainable financial management.
Currently, the way the government is utilizing the pension fund is at the detriment of the Nigerian Pensioners.

The Contributory pension Scheme was borrowed from developed countries such as Chile and France, there, the scheme is still perfectly working, Pensioners there are enjoying medical facilities, free transportation, living wages and other fringe benefits. When the scheme got to Nigeria in 2004, the federal government deviated from what they borrowed from Chile, the scheme was doctored, no wonder Nigeria Army, National Assembly Staff, permanent secretaries both state and federal opted out from the scheme leaving the category of Directors downward to bear the brunt.

The scheme was so badly implemented that a retired commissioner of police is earning 65k per month, a Director in the ministry earns average of 70k monthly, grade level 08 14k while the system does not accommodate Enblock staff, junior staff from grade level 01 to 07, they were paid off, simple because their total entitlements not enough to do the program withdrawal or Annuity insurance, a sinister act, is unimaginable.

“Why is government feeling reluctant to utilize the money to ameliorate the life of Nigerian Pensioners and make them to have a sense of belonging, instead they want to prodigally utilize the funds for their selfish interest
In conclusion, we stand united in our demand that the federal government respects the sanctity of our pension savings.

We call upon relevant stakeholders, including regulatory bodies, civil society organizations, and the general public, to join us in opposing any attempts to misuse our funds. The security and dignity of pensioners must not be sacrificed under any circumstances.

The voice of NUP CPS Lagos State Sector