The house of representatives has moved to reclaim the sum of 10 trillion Pension funds.
The motion to investigate the fund was sponsored by Aliyu Misau (PDP-Bauchi State) at Plenary on Tuesday.
Misau while moving the motion earlier said that the Retirement Saving Accounts (RSAs) are the aids that pensioners rely upon to cater for their needs after retiring as a civil servant.
He said majority of the pensioners are unable to access their retirement funds in despite meeting up with the requirements of the contributory pension scheme.
Misau said neither the National Pension Commission (PenCom) nor the Pension Fund Administrators (PFAs) have been able to promise the Retirees prompt payment of entitlements.
“There is no justification for retirees not to have access to their RSA; worried that critical stakeholders have expressed concern that 65 per cent of the funds which amount to N10 trillion, loaned to the Federal Government is an investment which exposes the contributors to unnecessary volatility as the Federal Government may fail to pay back the loan in due time.
“Aware that the pension fund assets which PenCom regulates, being the proceeds of the contributory pension scheme and returns on investment, stood at more than N15.5 trillion at the close of the first quarter of 2023.
“Being unable to access their pension has caused untold hardship to the retirees as they are unable to afford even basic necessities,”