PENSION REFORMS
•Before the Jonathan administration came on board, the pension funds administration regime was one the major channels through which public funds running into hundreds of billions of Naira are misappropriated by corrupt officials.
•Problems associated with the pension management system include embezzlement, falsification of records, Ghost pensioners, obsolete administrative structure and denial of pensioners their due entitlements. This was what necessitated the setting up of the presidential pension Reform Task Team. The activities of this important task force resulted in the following:
•Detection and deletion of over 73,000 Ghost/Fake pensioners from the Head of Service/police pension office.
•Stoppage of a monthly theft of over N4 billion from the National treasury.
•Saving a monthly sum of over N1billion from the police monthly pension releases.
•Discovery of over 50,000 unpaid pensioners and immediate payment of their entitlement.
•Discovery of over N2.7billion fraud by the Nigeria Union of Pensioners.
•Seizure of about 200 properties including choice hotels and cash worth billions of Naira from corrupt public officials.
•Arrest and on-going prosecution of pension fraud suspects by the Economic and Financial Crimes Commission (EFCC).
•Introduction of a more efficient tamper-proof pension funds management system.
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