The Federal Government has not been remitting the pension contributions of most of its workers into their Retirement Savings Accounts under the Contributory Pension Scheme since October last year. This revelation was contained in the 2016 annual report of the Pension Fund Operators Association of Nigeria, which was obtained exclusively by our correspondent on Wednesday.
PenOp stated in the report, “Compliance with regard to remittances of pension contributions from the public sector at both the federal and state levels have lagged notably. While remittances from the Federal Government through the National Pension Commission were last received for September 2015, some states have outstanding remittances dating back over two years.”
The association, however, said private sector remittances had been more consistent though impacted by the current adverse economic environment in the country. Read more