Short & Sharp: A fool & his pension money (3)

by admin

July 16, 2013 | 10:17 am
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Why would anyone in his right mind invest pension funds under his care in any development project managed by any government in the federation?

Over the decades, successive governors of every state in the federation have had little or nothing to show for the hefty sums that passed through their hands during their four-year or eight-year tenure.

To make matters worse, every in-coming governor finds the state treasury empty (or so he claims), and cancels most projects begun by his predecessor, renouncing contracts or re-awarding them.

In a country with such a system of always starting from scratch, where the wheel is re-invented with every new administration, wouldn’t you be a fool to believe that after the current governor leaves office (or even while he is still in office!) your pension funds invested with his government will not only be safe but be available to disburse to pensioners when due?

Incidentally, the governor in question is from one of the eastern states—a region not famous for conserving and multiplying communally owned assets. NNDC and WNDC remain intact and thriving. But ENDC was divvied up and shared out, and the various governors separately frittered away its assets, parlaying them into nothing. Poor judgment, incompetent management—or fraud? Not at all encouraging when the issue is N3.34 trillion of “investible funds.”

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by admin

July 16, 2013 | 10:17 am
  |     |     |   Start Conversation

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