FRI, APRIL 24 2020-theG&BJournal-The Presidential Task Force on COVID-19 as well as the Nigerian Labour Congress has ruled out the possibility of dipping into the Pension Funds to support the fight against the coronavirus pandemic.
Answering a reporter’s question on the possible use of the Fund for the COVID-19 fight during the daily Presidential Task Force on COVID-19 briefing in Abuja, the Secretary to the Government of the Federation, Boss Mustapha said that the government have looked at the issue of the use of Pension Funds and had even commissioned the Minister of State for Education to give a position paper.
‘’ Our conclusion was that the time is not even ripe for us to go there because the entire world order, in terms of our economy, health system has been disrupted by COVID-19 and the consequences cannot be imagined until the dust is settled.’’
Labour Leader and Public Health specialist, Ayuba Wabba also weighed in on the matter. According to him the contributory pension fund is not a free money, it is money that belongs to the pensioner, it is in the pensioner’s retirement savings account and it is structured in such a way that he will continue to draw this money throughout his life time.
‘’So clearly speaking, we need to protect those funds and make sure that the workers that are contributing this money, will at the end of the day have something to fall back on. So clearly I do not think it should be used for this purpose,’’ he said.
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