The Federal Government has borrowed about N6.16 trillion out of the N8.49 trillion pension assets under the Contributory Pension Scheme.
These figures were released by the National Pension Commission (NPC) on Tuesday in Abuja, revealing the FG’s borrowing represents 73.5 percent of the pension fund.
L-R; President Muhammadu Buhari, Minister of Justice and Attorney General of the Federal Abubakar Malami, Minister of Agriculture, Chief Audu Ogbeh, Minister of State Agriculture and Rural Development, Mr. Heineken Lokpobiri and Minister of Budget and National Planning, Sen Udoma Udo Udoma during the federal Executive council (FEC) meeting held at the Council Youths and Sports, Solomon Dalung and Minister of State Mines and Steels, Alhaji Bawa Bwari Chamber in Abuja. PHOTO; SUNDAY AGHAEZE. NOV 7 2018.
According to data from Pencom, Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn 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 a achieve a stable pension sector, the Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said the commission adopted zero tolerance for non-compliance and 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
