PenCom scheme fueling Nigeria’s weak economy —DG

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The National Pension Commission on Thursday allayed fear over the management of that the total assets under its purview, valued at N 8.67 trillion, as of December 2018.

Mrs Aisha Dahir-Umar, Acting Director-General of the commission, made the disclosure while fielding questions from newsmen shortly after delivering a keynote address at the 2019 First Quarter Consultative Forum For States, held in Akure.

Dahir-Umar, who was represented by Dr Dan Ndackson, Head, State Operation Department, PenCom, said it became imperative to allay fears of Nigerians as regards the safety of the pension assets.
She said the clarification was also necessary in view of the “misleading narratives in the social and conventional media about the safety of the pension assets.”

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She explained that one of the reasons the commission was in Ondo State to assure Nigerians that their contributory pension was safe.

She said that the commission had put measures in place to further guarantee the safety of the fund.

According to him, since the existence of the scheme in the last 14 years, the commission had never been found wanting in managing the fund.

“So, we want to tell Nigerians today that pension fund asset is safe.

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“It is true that the Federal Government has been borrowing from the fund, but I want to assure you that every penny borrowed has been returned.

“If you are conversant with the financial market in Nigeria, you will know that without the pension industry, most of the Federal Government bonds will not subscribe.

“It is because of the accumulation of these funds that industries survive.

“The scheme has been fueling the weak economy of this country, and without it, Nigeria will not be where it belongs today,” Dahir-Umar said.

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She said that since the commencement of the Contributory Pension Scheme in the country, it had become a veritable tool for federal and state governments to accessing bonds for development purposes.

(NAN)

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