The Nigeria Labour Congress (NLC) President, Joe Ajaero, has criticized the Federal Government for its prolonged delay in reconstituting the board of the National Pension Commission (PenCom), warning that the nearly four-year absence undermines transparency in managing workers' retirement savings.
Speaking at the Annual General Meeting of TrustFund Pensions Limited in Abuja, Ajaero expressed concern that PenCom has been operating without proper board oversight despite legal provisions requiring representation from both labour and employer groups.
"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," Ajaero stated.
Concerns Over Pension Payment Delays
The labour leader also highlighted persistent delays in pension entitlement payments, noting that many retirees continue to face long waiting periods and unpaid benefits despite their faithful contributions during their working years.
Ajaero further questioned the management of revenue from workers' compensation funds, calling for greater transparency and oversight in how these social security contributions are utilized.
Economic Downturn Affecting Workers
Addressing broader economic issues, the NLC President emphasized that the current economic climate has significantly eroded both wages and pensions, worsening conditions for 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," he added.
The NLC's concerns come at a time when pension management has become increasingly critical for millions of Nigerian workers facing economic hardship and uncertainty about their retirement security.
The Federal Government has yet to respond to these specific concerns regarding the PenCom board reconstitution.
