The House of Representatives has invited the Governor of the Central Bank of Nigeria (CBN), Mr. Oleyemi Cardoso, to explain alleged discrepancies in payment of pension to the bank’s retirees.

The invitation was sequel to the adoption of a motion by Rep. Hussain Jallo (APC-Kaduna) at plenary on Tuesday.

Moving the motion earlier, Jallo said that the payment of pensions, approved pension policies, and other retirement entitlements to former employees of CBN were causing severe hardship among affected pensioners.

He said that there are allegations of non-compliance with contractual agreements affecting the pension entitlements and welfare of retired employees of the CBN.

According to him, the alleged non-implementation and faulty execution of the Harmonisation Policy may have led to disparities in pension benefits and the accumulation of unpaid arrears.

The rep said that the fault had ultimately denied rightful entitlements and imposed severe financial hardship on affected pensioners who depended on the funds for their livelihood.

He said that certain pensioners claimed they have  certain been excluded from general pension increases on the basis of additional or extra-statutory demands that may not align with applicable laws, binding agreements, or duly approved pension policies;

According to him, the number of CBN pensioners had declined from 5,104 in 2011 to approximately 3,000 today, a reduction of over 2,100 individuals, which represents average loss of 140 pensioners per year.

The lawmaker said that the mortality rate among CBN pensioners was likely accelerating as the surviving pensioners advance in age.

“Worried that prolonged delays in pension payments can expose elderly and vulnerable retirees to poverty, ill health and avoidable loss of life.

“Pensioners who have served the nation deserve fairness, transparency, and the timely or promptly payment of all benefits lawfully due to them;

“I acknowledge the need for legislative oversight to establish the facts, determine the extent of any breaches or administrative failures, and that all eligible pensioners receive their lawful entitlements,” he said.

The house also invited the appropriate pension administrators, regulators, and representatives of affected pensioners, to provide explanations and submit relevant documentary evidence.

The lawmakers urged the CBN and other relevant authorities to verify and pay all outstanding arrears lawfully due to affected pensioners.

The house urged the apex bank to make the payment within a reasonable and clearly defined period.

It also recommended the extension of applicable general pension increases to eligible pensioners in accordance with the relevant laws.

In his ruling, the Speaker of the house, Rep. Abbas Tajudeen mandated the Committee on Pension to investigate the allegations to investigate the matter and report within four weeks for further legislative actions.