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Home Uncategorized FG INCUR MORE FINANCIAL LIABILITIES AS SENATE PASS POLICE PENSION BILL

FG INCUR MORE FINANCIAL LIABILITIES AS SENATE PASS POLICE PENSION BILL

 

Amidst dwindling revenue and fiscal crisis, the federal government may incur additional N2trillion liabilities if President Bola Ahmed Tinubu signs the Police Pension Board Bill into law.

The (PenOp) described the Bill as retrogressive and unsustainable.

In a statement by the Contributory Pension Scheme (CPS) explained that,
the withdrawal of the police from the CPS will cause a shift back to the defined benefits scheme, leading to the dismantling of the institutions, systems, and processes that the government has established to manage.

Adding that, it will add financial burden on the government through unsustainable pension obligations.

It could be recalled that the Senate on Tuesday passed the bill for the establishment of a Police Pension Board, a move that will add extra burden on the federal government’s pension liabilities.

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