See How Much Buhari’s Government Has Borrowed From Your Pension Fund
The federal government is borrowing from your pension fund.
So far, it has borrowed about 6.16 trillion naira out of the 8.49 trillion-naira pension assets under the Contributory Pension Scheme.
These figures were released by the National Pension Commission, NPC on Tuesday in Abuja, revealing that the federal government’s borrowing represents 73.5% of the pension fund.
According to data from Pencom, Pension Fund Administrators are also using the pension fund as they have also invested 6.87% or 584.321 billion naira of the fund in domestic ordinary shares, while 0.71% or 60.529 billion naira of the fund was invested in foreign ordinary shares.
The commission, which said that it continued its consultative philosophy in the regulation and supervision of the industry, said the risk-based examination approach was implemented as a way of promoting transparency and providing early warning signals as well as encouraging pension operators to regularly self-evaluate their positions.
Speaking on how to achieve a stable pension sector, the Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said the commission adopted a zero tolerance for non-compliance.
She also added that the body had a consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.
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