The Socio-Economic Rights and Accountability Project ( SERAP) has called on President Muhammadu Buhari to urgently instruct the Director-General and Board of the National Pension Commission (NPC) to stop the 36 State governors from borrowing N17 trillion from the pension funds for any project.
The Human Rights body had reported that the governors’ had earlier planned to borrow around 17 trillion from the pension funds last week, after receiving a briefing from the Kaduna State Governor Mallam Nasir El-Rufai who is also the chairman of the National Economic Council Ad Hoc Committee on Leveraging Portion of Accumulated Pension Funds.
In a letter written to the President, they said borrowing from the pension funds would be detrimental to the beneficiaries, following the vulnerability of the funds to corruption in Nigeria and lack of transparency in several States. They further stressed that borrowing the funds would lead to serious loss of retirement savings and it will face the risk of corruption and mismanagement which would definitely affect the standard of living of the pensioners across the country.
The body has given the FG 14 days ultimatum to stop the governours from borrowing the funds or else legal actions will be taken against them.