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FG Borrows N6.16tn From Worker's N8.499tn Pension Fund - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG Borrows N6.16tn From Worker's N8.499tn Pension Fund (13673 Views)

Apprehension As FG Borrows N20.1trn Under Tinubu / FG Borrows N2.45 Trillion From CBN Amid Fiscal Risks / Reps Fume As FG Borrows ₦5.62 Trillion To Fund 2022 Budget Deficit (2) (3) (4)

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Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by PassingShot(m): 10:10am On Jan 16, 2019
IQscanner:
please nobody should engage this in any
verbal confrontation because of his support for buhari he is
among those paid online personnel that this present
adminstration use for their online campaign .......simple
advice just ignore him ........#back2daura#
Good advice. But don’t you think you should provide proof of your allegation?

2 Likes 2 Shares

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by fastseo: 10:11am On Jan 16, 2019
abbaapple:
sad



Please can someone explain how this poo works We are not talking about Billions this is Trillions lipsrsealed undecided spits on this failed project called Nigeria! Lugard RIP in hell.
That's trillion.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Shikini: 10:11am On Jan 16, 2019
Buhari is a massive scam
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by bakinswo: 10:12am On Jan 16, 2019
I see why Buhari called the Youths ‘lazy’.... The is a wrong reportage from Punch, reading through the details, these so called funds the FG borrowed were invested by the PFC in government securities and the headline from punch is nothing but misleading. Let’s learn to read to understand.

6 Likes 2 Shares

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by soultender(f): 10:13am On Jan 16, 2019
What are we now saying
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by agbonkamen(f): 10:13am On Jan 16, 2019
ba7man:
I want to see the number of half brained posters that will read only the headline and start wailing. undecided

Too many dumb people on this Nairaland.....let me use this to know them.
and you are what intelligent bushboy
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Tinted803: 10:14am On Jan 16, 2019
[quote author=hisexcellency34 post=74810688]Borrow N6tr from 8tr. How much come remain? [/quotes for what again undecided
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by ba7man(m): 10:15am On Jan 16, 2019
agbonkamen:
and you are what intelligent bushboy
Hello, you must be one of the half brained people I was talking about.

The post seemed to hit you. undecided

1 Like

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by vioment: 10:18am On Jan 16, 2019
It is a pity, naija is one inch step forward then a hundred feet step backwards.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by teyeteye: 10:18am On Jan 16, 2019
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Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by EmekaBlue(m): 10:19am On Jan 16, 2019
Robbing people feature is super corruption. Impeach him already even bfr d upcoming election
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by agbonkamen(f): 10:20am On Jan 16, 2019
ba7man:
Hello, you must be one of the half brained people I was talking about.

The post seemed to hit you. undecided
No it didn't hit me at all just that i detest ITK people like you. Oversabi
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Olawalesmarter(m): 10:20am On Jan 16, 2019
Even USA Still Owe China money that is more than Nigeria Economy grin
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by InvertedHammer: 10:21am On Jan 16, 2019
/
Maina will be salivating now.

FG securities or not, based on precedents, the money has grown wings. That's all. At maturity, it is either another snake or monkey story. Some Nigerians with little financial education will nod in agreement because the terminologies used sound familiar. But like I always say, the easiest Nigerians to scam are the educated ones.

/

5 Likes 2 Shares

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by 22brains(m): 10:22am On Jan 16, 2019
Shikini:
Nike Popoola

The total pension assets under the Contributory Pension Scheme rose to N8.49tn as of the end of November 2018 financial period, latest figures obtained from the National Pension Commission on Tuesday revealed.


The pension commission said 72.5 per cent of the fund had been borrowed by the Federal Government and invested in the FGN securities totalling N6.16tn during the period under review.

The Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

According to the Pension Reform Act, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.

The commission stated that it continued its consultative philosophy in the regulation and supervision of the industry.


According to PenCom, the risk-based examination approach was implemented as a way of promoting transparency and providing early warning signals as well as encouraging pension operators to regularly self-evaluate their positions.

The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said in an effort to promote a stable and sustainable pension industry, the commission adopted zero tolerance for non-compliance and consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.

In addition, she said, the commission in 2018, moved to a more risk-based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee.

“We believe this will promote better risk management in licensed pension operators,” she stated.

She said the commission, last year, released the framework and guidelines for the implementation of the micro pension scheme, which was targeted at increased participation of employees in the informal sector, multi-fund structure and revised guideline for fund accounting as well as revised circular for branch opening and service centre by the PFAs.


“Similarly, circulars on pension enhancement and processing procedures of deceased benefits entitlement were also released by the commission,” she stated.

According to her, the monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remained part of the responsibilities of the compliance officers.

The acting director-general said the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the CPS in Nigeria.


https://punchng.com/fg-borrows-n6-16tn-from-n8-499tn-pension-fund/



good development. am also planning to borrow APC government my yearly salaries.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by chloride6: 10:24am On Jan 16, 2019
Sensational Headline

2 Likes

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by 22brains(m): 10:24am On Jan 16, 2019
tsephanyah:
Lol borrowing without returning is not corruption.
:PI write my comments at a 3rd grade level, but sure, I'll explain it to you.
good development. am also planning to borrow APC government my yearly salaries.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by aspiring44: 10:24am On Jan 16, 2019
But is it not amazing that the government felt so reluctant to pay minimum wage when they have borrowed from the workers .

No integrity and discipline on monetary issues in Nigeria.

The reverse should be the case that workers are borrowing from the government not government borrowing from workers .

1 Like 1 Share

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by ivieeseosa: 10:28am On Jan 16, 2019
Would APC supporters call this fake news again.

This government has come to steal, kill and distroy Nigeria.

They have distroy the present, they are now distroying the future...

O God please fight our battle
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Atk1nson(m): 10:40am On Jan 16, 2019
Olamsoh:
This is why Nigeria may never overcome corruption. Every matter is viewed through a Partisan lens.

How can Onnoghen a learned jurist claim that he forgot to declare the following assets to the Bureau;

$391,401.28 USD
€49,971 .71 EURO
£23,409.66 GBP?
55. Houses

Some folks already believe this is political witch-hunt against the CJN.

Would the learned jurist have forgotten to include those assets in his Last Will and Testament?

The excuse of amnesia is a very weak one. No rational person will buy i

The only amnesia I see here is someone writing about CJN on a thread talking about pension and how FG has borrowed almost 75% of it.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by tsephanyah(f): 10:45am On Jan 16, 2019
22brains:
good development. am also planning to borrow APC government my yearly salaries.
Good luck with that

1 Like 1 Share

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by bejeria101(m): 10:56am On Jan 16, 2019
Children of intergrity! How market? Have you blamed GEJ today? Send BLAME to 38857 cost N50 only.

1 Like 1 Share

Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by CptCharlesVane: 10:58am On Jan 16, 2019
Buhari that has only a few years max to live cheesy maybe you'll die of hunger and protests over your unpaid pension before you settle it man to man in the land of the spirits. grin
baliyubla:
Buhari when I retire and there's no money to pay me, I will look for you so we settle it like men. What a dullard.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Nobody: 11:01am On Jan 16, 2019
hisexcellency34:
Borrow N6tr from 8tr. How much come remain?

actually this report have a political undertones... Orr not the government that's borrowing the money... the pension administrator are the ones allocating funds to buy government instruments of borrowing.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Mayor0001(m): 11:04am On Jan 16, 2019
[quote author=Shikini post=74810464]Nike Popoola

The total pension assets under the Contributory Pension Scheme rose to N8.49tn as of the end of November 2018 financial period, latest figures obtained from the National Pension Commission on Tuesday revealed.


The pension commission said 72.5 per cent of the fund had been borrowed by the Federal Government and invested in the FGN securities totalling N6.16tn during the period under review.

The Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

According to the Pension Reform Act, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.

The commission stated that it continued its consultative philosophy in the regulation and supervision of the industry.


According to PenCom, the risk-based examination approach was implemented
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Olamsoh: 11:06am On Jan 16, 2019
grin
Atk1nson:


The only amnesia I see here is someone writing about CJN on a thread talking about pension and how FG has borrowed almost 75% of it.
Re: FG Borrows N6.16tn From Worker's N8.499tn Pension Fund by Nobody: 11:09am On Jan 16, 2019
Shikini:
Nike Popoola

The total pension assets under the Contributory Pension Scheme rose to N8.49tn as of the end of November 2018 financial period, latest figures obtained from the National Pension Commission on Tuesday revealed.


The pension commission said 72.5 per cent of the fund had been borrowed by the Federal Government and invested in the FGN securities totalling N6.16tn during the period under review.

The Pension Fund Administrators also invested 6.87 per cent or N584.321bn of the fund in domestic ordinary shares, while 0.71 or N60.529bn of the fund was invested in foreign ordinary shares.

According to the Pension Reform Act, the PFAs manage the funds which are in the custody of the Pension Fund Custodians.

The commission stated that it continued its consultative philosophy in the regulation and supervision of the industry.


According to PenCom, the risk-based examination approach was implemented as a way of promoting transparency and providing early warning signals as well as encouraging pension operators to regularly self-evaluate their positions.

The Acting Director-General, PenCom, Mrs Aisha Dahir-Umar, said in an effort to promote a stable and sustainable pension industry, the commission adopted zero tolerance for non-compliance and consultative supervisory philosophy in the issuance of guidelines and the review of existing ones to further promote sound corporate governance in the industry and ensure the security of the pension assets.

In addition, she said, the commission in 2018, moved to a more risk-based approach to supervising pension operators by aligning its supervisory framework with that of the Financial Services Regulation Coordinating Committee.

“We believe this will promote better risk management in licensed pension operators,” she stated.

She said the commission, last year, released the framework and guidelines for the implementation of the micro pension scheme, which was targeted at increased participation of employees in the informal sector, multi-fund structure and revised guideline for fund accounting as well as revised circular for branch opening and service centre by the PFAs.


“Similarly, circulars on pension enhancement and processing procedures of deceased benefits entitlement were also released by the commission,” she stated.

According to her, the monitoring and reporting of non-compliance with regards to the implementation of these guidelines and other existing regulations remained part of the responsibilities of the compliance officers.

The acting director-general said the commission would continue with its consultative philosophy, transparency and good corporate governance in the implementation of the CPS in Nigeria.


https://punchng.com/fg-borrows-n6-16tn-from-n8-499tn-pension-fund/



Lzaa abeg come and see APCheat armed robbery

Cc velocity25 imperialyoruba

1 Like 1 Share

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