Senate: N21bn police pension funds traced to banks

The lawmaker, who described the debts owed pensioners across the nation as “a time bomb”, regretted that the federal government was indebted to almost all the states that had made presentations. “A full-scale investigation is to be conducted to determine the amount released to the Office of the Head of Civil Service of the Federation […]

The lawmaker, who described the debts owed pensioners across the nation as “a time bomb”, regretted that the federal government was indebted to almost all the states that had made presentations. “A full-scale investigation is to be conducted to determine the amount released to the Office of the Head of Civil Service of the Federation for pension payment and how the money were disbursed, especially as part of such funds were traced to some accounts in some commercial banks yet to be verified,” he disclosed.

He further regretted that most of the states that were deducting from salaries of workers are yet to key into the new pension scheme, saying that his committee will ensure a refund possibly with interests.

Etok who put the total value of pensions currently being managed by the National Pension Commission at N4.2 trillion, said, “it is worrisome that some people are sitting on billions of naira meant for old people who, throughout the youthful period of their lives, served the nation meritoriously.”