OBI ATTRIBUTES STAMPEDE TRAGEDIES IN OYO, FCT, AND ANAMBRA TO HUNGER AND SYSTEMIC ISSUES. (PHOTO).

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 Peter Obi has blamed hunger and systemic failures for the recent spate of stampedes across the country.  Scores of persons were dead, and many others wounded in the tragic incidents in Ibadan, Oyo State; Okija in Anambra and another one in the nation’s capital of Abuja. The stampedes happened in a space of five days with the last two occurring on Saturday morning during food distribution campaigns. Obi, who was the Labour Party (LP)’s presidential candidate in the 2023 election, said the incidents underline the rising hunger in the country which has led to desperation. “I am deeply saddened and distressed by the tragic loss of lives in desperate searches for food,” Obi, who is a former governor of Anambra State, wrote in a post on his X account Saturday afternoon. “While I will not cast blame but instead appreciate the organizers of these respective events for their kind gestures in providing palliatives and support to society, especially the poor, these tragedies reflect the...
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RECOVER N10TRN PENSION FUND FROM FG- REPS DIRECT PENCOM. (PHOTO).

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Recover N10trn Pension Fund From FG - Reps Direct PenCom

House of Representatives has directed the National Pension Commission (PenCom) to recover the N10 trillion loan given to the Federal Government from the nation’s pension fund.

The House also resolved to investigate the status of pension fund assets of over N15.5trillion to ensure recovery of the loan. 

Adopting a motion by a member from Bauchi state, Aliyu Bappa-Misau, the House urged pension regulators to scrutinize the failure of Pension Fund Administrators (PFAs) in fulfilling their obligations on Retirement Saving Accounts.

The lawmaker stated that the Retirement Saving Accounts (RSAs) is the lifeline that pensioners rely upon to cater for their needs on retirement.

He expressed concern that most pensioners are unable to access their retirement funds, despite complying with the requirements of the scheme. 

The Lawmaker added that the inability of pensioners to access their pension has caused untold hardship to them, making it difficult for them to afford basic necessities.

“Neither the PenCom nor the PFAs have been able to reassure pensioners of getting their entitlements without stress. Modalities should be put in place to prevent a collapse of the scheme.

“The pension fund assets, which PenCom regulates, being the proceeds of the Contributory Pension Scheme and returns on investment, stood at more than 15.5trillion as at the close of the first quarter of 2023.

He said critical stakeholders have expressed concern that 65% of the pension funds (N10 trillion) loaned to the Federal Government was an investment which has exposed the contributors to unnecessary volatility.

According to him, the Federal Government may fail to pay back the loan in due time.

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