Top govt officials looted N274bn pension funds in 6 yrs - Senate report

From 2005 to 2011, top government officials in charge of pension funds in the country stole N273.9 billion, the report of the recent investigation by the Senate panel into the alleged mismanagement of the funds has revealed.

A copy of the report, obtained today by Daily Trust shows that out of the total sum of N1.025 trillion received as pension funds by the various pension offices and boards within the period, only N751.4 billion was expended, with N273.9 billion looted.

According to the report, out of the N213.3 billion pension funds received by the Office of the Head of Civil Service of the Federation, only N154.6 billion was disbursed; while the Military Pension Board disbursed only N294bn out of the N317.6bn it received.

The report also reveals that the Customs, Immigration and Prisons Pension Office paid only N57.4bn out of the N85.2bn released to it; the Department of State Service
Pension Office, N9.4bn out of N34.7bn; the Police Pension Office, N88.2bn out of N131.4bn.

The report further shows that within the period under review, out of the N176.4bn received by other parastatals as pension funds, only N100.6bn was expended; while only N46.9bn was spent out of the N55.8bn released for the payment of retirees of universities across the nation.

Culled from DAILY TRUST

Published in Latest News