The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN) to explain alleged discrepancies in pension payments to the bank’s retirees.
The invitation followed the adoption of a motion by Rep. Hussain Jallo (APC-Kaduna) at plenary on Tuesday.
Jallo stated that issues with pension payments, approved policies, and retirement entitlements for former CBN employees are causing severe hardship for affected pensioners.
He noted that alleged non-compliance with contractual agreements is impacting the pension entitlements and welfare of retired CBN employees.
He indicated that alleged non-implementation and poor execution of the Harmonisation Policy may have caused disparities in pension benefits and the accumulation of unpaid arrears.
He added that these issues have denied pensioners their rightful entitlements and imposed severe financial hardship on those who rely on these funds.
He reported that some pensioners claim exclusion from general pension increases due to additional or extra-statutory requirements that may not align with applicable laws, agreements, or approved policies.
He stated that the number of CBN pensioners declined from 5,104 in 2011 to about 3,000 currently, a reduction of over 2,100, averaging a loss of He observed that the mortality rate among CBN pensioners is likely increasing as the remaining pensioners age. surviving pensioners age.
He expressed concern that prolonged delays in pension payments can expose elderly and vulnerable retirees to poverty, ill health, and avoidable loss of life.
He emphasised that pensioners who have served the nation deserve fairness, transparency, and prompt payment of all benefits lawfully due.
He acknowledged the need for legislative oversight to establish the facts, determine any breaches or administrative failures, and ensure all eligible pensioners receive their lawful entitlements.
The House also invited relevant pension administrators, regulators, and representatives of affected pensioners to provide explanations and submit supporting documentation. her relevant authorities to verify and pay all outstanding arrears lawfully due to affected pensioners.
The House urged the apex bank to complete payments within a reasonable and clearly defined timeframe.
It also recommended extending general pension increases to eligible pensioners in line with relevant laws.
In his ruling, the Speaker of the House, Rep. Abbas Tajudeen, mandated the Committee on Pension to investigate the allegations and report within four weeks for further legislative action.
