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COVID-19: Federal Government Speaks On Using Contributory Pension As Palliatives For Nigerians

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The Federal Government of Nigeria has denied the report that they are planning to use funds from the contributory pension scheme to provide palliatives for workers during the coronavirus (COVID-19) lockdown.

Mustapha, who is also the Secretary to the Government of the Federation gave the assurance while giving an update on the activities of the PTF on COVID -19.

The Contributory Pension Scheme, which came into existence in 2004, has grown to about N10 trillion.

Mustapha explained that although the government had toyed with the idea of borrowing from the fund, it concluded that it was too early for the government to dip its hands into the fund.

He said: “We had looked at the issue of pension funds. As a matter of fact, we even got the minister of state for education to do us a position paper and our conclusion was that the time is not even right for us to go there because the entire world order in terms of our economy and in terms of our health system has been disrupted by COVID -19 and the consequences nobody can imagine until probably the dust is settled.

Meanwhile , The Nigeria Labour Congress (NLC) President, Ayuba Wabba had also warned the government against using funds from the contributory pension scheme to provide palliatives for workers during the coronavirus (COVID-19) lockdown.

 

 



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