Labour Vows To Resist Borrowing From Pension Funds

Labour Vows To Resist Borrowing From Pension Funds


The Nigeria Labour Congress (NLC) has vowed to resist any attempt by state governors to borrow from pension funds.

President of NLC, Ayuba Wabba, who spoke in Abuja, Thursday, at the National Executive Council (NEC) meeting of the Medical and Health Workers’ Union of Nigeria (MHWN), revealed that less than five per cent of all the states are contributing to the fund.

“We will not agree for governors to dip their fingers into the pension funds. As I speak, less than five per cent of the whole states of the federation are contributing to the fund. The governors cannot reap from where they have not planted any seed.

‘Let me sound a note of warning to the government, any day that money is touched, every Nigerian worker will be on the street and will remain there until every kobo is returned. We will protect our hard-earned money. The money belongs to workers. We contributed that money so that when we retire, we will have something to retire to.

“The money is not piled up in one place, but are warehoused in the pension retirement accounts that are operated by the pension fund administrators. So, it is not idling out there. If governors want to borrow money, there are guidelines that have been spelled out on how to borrow to fund infrastructural development. There is always a guarantee by the Federal Government before such action can be taken,” he stated.

Wabba, who bemoaned the level of hardship in the country, disclosed that only 18 states in the country are faithfully implementing the new minimum wage.

He accused the Federal Government of wanting to abdicate its responsibility by allowing market forces to determine the price of petroleum products and electricity tariffs.

“Anywhere the price of a product is subjected to market forces, the people suffer. The primary purpose of government is the welfare of the citizens and the protection of lives and property. We have seen examples from most parts of the world where transferring public utilities to private hands have not benefitted the people.”

In the meantime, the health sector may witness industrial unrest soon as the medical and health workers said the non-payment of COVID-19 allowances to them by the Federal Government was an affront.


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