JUST IN; Opposition mount against establishment of Police Pension Board – Crime Channels
JUST IN; Opposition mount against establishment of Police Pension Board
The National Pension Commission (PENCOM), the Central Bank of Nigeria (CBN), the Secretary to the Government of the Federation (SGF), the Nigeria Union of Pensioners, and other stakeholders have strongly opposed the amendment bill seeking to establish the Police Pension Board.
Critical stakeholders from the labor and finance sectors gathered at the Senate Tuesday to discuss the proposed amendment bill, which aims to establish the Police Pension Board.
If passed into law, the amendment would remove the Police from the contributory pension scheme for Nigerian workers, a move that PENCOM and other stakeholders believe could destabilize the financial system.
In his remarks, the Director-General of PENCOM, Farouq Khalil, who opposed the creation of the Police Pension Board, stated that the police’s exit from the contributory pension scheme could destabilize the financial system. He emphasized that efforts were being made to address the liability issues within the contributory scheme and that the Contributory Pension Scheme (CPS) would better serve the police.
The office of the SGF and the CBN supported PENCOM’s position.
According to the workers’ union, removing the police from the contributory pension scheme is not the solution to the poor welfare of police officers in the country.
Earlier, the sponsor of the bill, Senator Binos Yaro (PDP, Adamawa South), explained that the current pension system, which leaves retired Commissioners of Police with a monthly pension allowance of only N70,000, is inadequate and demoralizing. He argued that it should be replaced with a Police Pension Board, which would be managed by the Police themselves.
The bill was also supported by representatives from the Police community, including the Inspector General of Police, Bala Ciroma, and retired Deputy Inspector General of Police, Mohammed Yesufu, who advocated for the police to be granted the same privilege as the Army, the Department of State Services, and other intelligence agencies to exit the contributory pension scheme.
The Senate Committee on Establishment, led by Senator Cyril Fasuyi (APC, Ekiti North), is expected to submit its findings and recommendations to the Senate next week.
