To achieve national stability, end corruption in public service and give hope to Nigerian workers, the National Assembly said the pension industry must be repositioned and strengthened for efficiency.
David Mark, Senate president, said on Wednesday that the uncertainty in the pension industry, arising from the failure of the defined benefit scheme is contributing to growing corruption in public service, particularly when workers are not sure of what their future will be after years of work.
Mark was represented by Abdul Ningi, deputy leader of the Senate, who made the disclosure at the ongoing public hearing on a Bill to Repeal and Re-Enact the Pension Reform Act, 2013 being organised jointly by Senate Committee on Establishment & Public Service Matters and House
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Committee on Pensions, said corruption is the biggest challenge facing the pension industry, stating that this gap must be closed to achieve efficiency in the system.
“It is unfortunate and regrettable that the country’s pension industry has continued to be marred by corruption, not just corruption but corruption with impunity.”
He described the pension money as “blood money”, pointing out that those stealing the pension money will go to hell. “Pension money is blood money and whoever eats this money to the detriment of our senior citizens will go to hell because that is the consequence of blood money.”
