NLC CRITICIZES FEDERAL GOVERNMENT OVER DELAY IN RECONSTITUTING PENCOM BOARD
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By: Motunrayo Aniwura
The Federal Government’s protracted delay in reassembling the board of the National Pension Commission, PenCom, has alarmed Joe Ajaero, president of the Nigeria Labour Congress, or NLC.
The lack of a governing board compromises accountability and transparency in the administration of employees’ retirement funds, Ajaero cautioned.
At the Annual General Meeting of TrustFund Pensions Limited in Abuja, the NLC President sounded the alarm to reporters, complaining that PenCom has been operating without a properly constituted board for almost four years, despite legal provisions requiring both labor and employer representation.
“The PenCom board is supposed to have institutional representation from labour and employers, since it is workers’ and employers’ contributions that make up the pension funds. But for years now, that board has not been inaugurated, and yet decisions are being made. That raises questions about accountability,” he said.
He also expressed concern over persistent delays in the payment of pension entitlements, noting that many retirees still endure long wait times and unpaid benefits despite contributing faithfully during their working years.
Ajaero further queried the handling of revenue from workers’ compensation funds, calling for increased transparency and oversight in the use of such social security contributions.
Speaking on broader labour issues, the NLC President stressed that the economic downturn has eroded the value of both wages and pensions, worsening the welfare of Nigerian workers.
“Whether it is N70,000 or more, workers’ pay cannot go far in an environment where fuel prices, electricity tariffs, and inflation keep rising. The Federal Government needs to renew its efforts to stabilise the economy and restore the value of the naira.
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