NLC Kicks Against Plan By Government To Borrow From N17 Trillion Pension Fund

December 11, 2020
31 Views
NLC and TUC

NLC and TUC

The Nigerian Labour Congress has said it will not plans from government to borrow money from Pension Funds.

NLC revealed this on Thursday while rejecting a fresh bid by State governors to borrow from the N17 trillion pension funds.

Mr Ayuba Wabba, NLC President, spoke on the rejection at the 47th National Executive Council (NEC) meeting of the Medical and Health Workers’ Union of Nigeria (MHWUN) on Thursday in Abuja.

Wabba also vowed to mobilise workers nationwide to protest any move to borrow from the money, adding that it was the retirement benefit of workers.

Recall that the Nigerian Governors’ Forum (NGF) had endorsed two proposals to borrow N17 trillion from two sources for infrastructural development.

“Pension money isn’t for borrowing. Pension money is the retirement savings of workers,” Wabba said.

“It can’t be borrowed, you must go through the bank, and in this case, you must go through the PFAs and their guidelines; even the guidelines they want to play down, but to the glory of God, the board of PenCom has been constituted.

 

“I stand here to represent all of you. We’re not going to agree; less than five per cent of the states are keying into the contributory pension.

 

“Yet they want to borrow the money. The bulk of the money is from Federal Government workers and private-sector workers. So how do you want to borrow from where you haven’t sown?

 

“It is not free money and let me sound a bit of warning. Any day that we hear the pension fund, our money has been borrowed, I’ll declare a protest, and everybody is going to be on the streets to protect our hard-earned money.”

Wabba added: “The money belongs to workers. We contribute that money so that when we retire, we can have something for retirement.”

You may be interested

Ojodu Grammar School Students’ Death Left Me Devastated — Sanwo-Olu
Politics
3 views
Politics
3 views

Ojodu Grammar School Students’ Death Left Me Devastated — Sanwo-Olu

Webby - December 8, 2021

Mr Babajide Sanwo-Olu, the Governor of Lagos State, has expressed his grief over the death of some Ojodu Grammar School…

Don’t insert your ATM card if you notice these 3 things in any ATM machine
Business
Business

Don’t insert your ATM card if you notice these 3 things in any ATM machine

Webby - December 8, 2021

The advancement of technology on a daily basis results in the introduction of novel tools for making life easier. Although…

“I Won’t Resign,” Aregbesola Says Amid Constant Successful Prison Breaks
Politics
4 views
Politics
4 views

“I Won’t Resign,” Aregbesola Says Amid Constant Successful Prison Breaks

Webby - December 8, 2021

Rauf Aregbesola, Nigeria’s Minister of Interior, has stated that he will not quit in the face of Nigeria’s ongoing successful…

Leave a Comment

Your email address will not be published.