Remarks by Speaker Dogara at Public Hearing on Investing Pension Funds in Infrastructural Development

EMARKS BY RT. HON. DOGARA YAKUBU, SPEAKER, HOUSE OF REPRESENTATIVES, AT THE PUBLIC HEARING ON THE MOTION FOR THE NEED TO INVEST PENSION FUNDS TO MEET NIGERIA’S INFRASTRUCTURAL CHALLENGES (HB. 41/2016) AND THREAT TO THE CONTINUATION OF THE CONTRIBUTORY PENSIONS SCHEME BY NON-REMITTANCE OF WORKERS CONTRIBUTIONS BY EMPLOYERS (HB. 34/2016).

Protocols:
On Tuesday 16th February, 2016, the House deliberated on the Motion FOR THE NEED TO INVEST PENSION FUNDS TO MEET NIGERIA’S INFRASTRUCTURAL CHALLENGES (HB. 41/2016) AND THE THREAT TO THE CONTINUATION OF THE CONTRIBUTORY PENSIONS SCHEME BY NON-REMITTANCE OF WORKERS CONTRIBUTIONS BY EMPLOYERS (HB. 34/2016), and mandated the Joint Committees on Pensions, Finance and Capital Market and Institutions to undertake a thorough consideration of the Motion through a public hearing so as to garner the opinion of the general stakeholders on the merits or otherwise of the Resolution before it is passed into law by the National Assembly.

2. We at Parliament understand that the Pension venture has become another crucial sector in the economy of the nation. The Resolution concedes that, if backed by law, the Pension establishment could play a formidable role towards the development of the economy due to the huge investment funds received from subscribers within the scheme.

3. Secondly, the role an effective Pension Administration plays in the general wellbeing of the pensioners cannot be over-emphasized as the efforts of those that have labored for the fatherland must be appreciated through adequate payment of pensions and gratuities. This can never be denied nor ‘marginalised’ in the least! Any Motion, therefore, that can improve the workings of the administration of pension funds and ensure that employers comply with the scheme would always be favourably considered by the House.

4. For these two reasons, I would strongly encourage the Joint Committees to do justice to this Motion by checking the possibility of investing and improving the infrastructural development of the nation using Pension Funds without breaching the expectations of the ultimate beneficiaries, the Pensioners.

5. Finally, I want to assure everyone that I am confident that the Chairmen and Members of the Joint Committees will do an exhaustive investigation and present a befitting report to the House.

6. It is my pleasure at this point to hereby declare this Hearing open.

7. Thank you all for coming.

Yakubu Dogara