NLC
By Bolatito Mercy
The Nigeria Labour Congress (NLC) has given the Federal Government a seven-day ultimatum to refund billions of naira allegedly diverted from workers’ insurance contributions and constitute the governing board of the National Pension Commission (PenCom). NLC President Joe Ajaero stated that the government’s diversion of 40% of workers’ contributions to the national treasury as revenue is a flagrant violation of the statutes establishing the Nigeria Social Insurance Trust Fund (NSITF).
The NLC demands that the NSITF refund all diverted funds within seven working days, PenCom’s governing board be properly constituted in full compliance with the law within the same period, and PenCom submit a full status report of pension funds to the NLC. The labour union argues that pension funds are deferred wages, not government revenue, and that the government’s actions are a direct attack on workers’ rights.
The NLC criticizes the government’s failure to appoint a governing board for PenCom, leaving the administration in sole control of billions in retirement savings. If the demands are not met, the NLC threatens to embark on a nationwide strike, potentially bringing economic activities to a halt.
The Nigeria Employers’ Consultative Association (NECA) has backed the NLC’s call for the reconstitution of the PenCom board, emphasizing that both workers and employers deserve representation in pension governance. PenCom has argued that the Contributory Pension Scheme remains secure and continues to grow, dismissing claims of missing funds. However, the commission’s Head of Corporate Communications, Ibrahim Buwal, noted that the appointment of a governing board is a matter for the Federal Government, not the regulator.
