Kano clears N21bn pension debt, inherits N48.6bn legal responsibility — Board Chair

The Kano State Pension Fund Trustees says it has cleared N21 billion out of the N48.6 billion pension liabilities inherited from earlier administrations within the state.

Government Chairman of the Board, Alhaji Habu Muhammad Fagge, disclosed this throughout an interview with journalists in Kano on Wednesday, describing the situation of the pension fund on the time Governor Abba Kabir Yusuf took workplace as “deeply troubling.”

“We inherited N48.6 billion in liabilities and likewise needed to remit an extra N75 billion levied on native governments and a few Ministries, Departments, and Companies (MDAs),” Fagge mentioned.

“Regardless of this burden, we’ve managed to settle N16 billion thus far, with one other N5 billion scheduled for disbursement quickly.”

He added that the present administration needed to cope with the fallout from in depth borrowing from the pension fund by the earlier authorities, a state of affairs that had left many pensioners in misery.

“At one level, pensioners receiving N6,000 had N3,000 deducted with out clarification. We couldn’t discover any clear system for the deductions,” Fagge revealed. “Pensioners have been subjected to arbitrary and irregular deductions.”

He credited Governor Abba Yusuf for approving deductions from the supply for pension remittances, restoring common funds, and enabling the board to achieve 100% month-to-month pension disbursement.

“Though the debt was inherited, His Excellency took accountability and ensured that funds have been made, purely out of concern for the pensioners,” he added.

Talking on the restoration of property, Fagge famous that the board had reclaimed 324 vandalized housing items from earlier investments gone awry.

“These properties have been in poor situation. The board opted to repurchase them at a negotiated price of N4.5 billion after clearance from related state businesses,” he defined.

Fagge additionally touched on ongoing challenges, particularly the surge in new retirees. “In December alone, over 4,100 new pensioners have been enrolled attributable to mass retirements. With weekly interviews of about 200 to 300 retirees, the stress is mounting,” he mentioned.

Regardless of these hurdles, he expressed optimism, citing current wage will increase and upcoming mass employment as hopeful indicators for the sustainability of the fund.

He described the pension board workplace as a hospital of final resort, the place many retirees come searching for help for hospital payments, lease, and meals.

“Our concern is the folks’s concern. We’re working to make sure that no pensioner is left behind. By God’s grace, we’re seeing gentle on the finish of the tunnel,” Fagge concluded.