Why is most states and the federal government of Nigeria finding it hard to pay pensioners

[Ralphjoe]

We are always being inaudaunted by news on on TV that our government are finding it difficult to pay pensioners so with this issue on ground now, how can we avoid this kind of embarrassment that is being meted out to our old citizens ? Let's proffer solutions guys.

 

[Setho]

If we are to be very honest, Nigeria is a very poor country at least for the number of population we have and is growing. Whenever allocation comes and goverent subtracts Monet for projects and salaries, the money remaining is just a little and I think that is why many pensioner go for months sometimes unpaid.

 

[Sincerem]

We are always being inaudaunted by news on on TV that our government are finding it difficult to pay pensioners so with this issue on ground now, how can we avoid this kind of embarrassment that is being meted out to our old citizens ? Let's proffer solutions guys.

Bad governance is the root of everything. The government that cares for only them alone. Pay pensioners their peanut money, they say No. But can't owe themselves a single monthly salary of more than $80K for the senators, President is sign any amount of money.

 

[tuna89]

The reason for such is not far fetched, corruption has eaten deep into the Country, recently, the Government wanted to borrow from the pensions fund which is uncalled for. The Country needs a lot of renovation, a lot of things which have gone wrong need to be set straight.

 

[Oscar]

It was also in the news earlier that the government is trying to borrow from the pension to fund infrastructural development. Total mismanagement from the government at all levels is a big factor.

 

[Shole]

Usually what happens is inflation of the countries currency, which means that your pension is not increasing the more you work but most of the time decreasing. To protect from this is hard, as the country does not dictate its value. Also, the life span of people has increased. There are many factors to why pensions are a bit of a scam, and I use that term vaguely as it is not a real scam, but more of an "I paid 25$ per month for 65 years, that means I need to be paid 600$ per month until I die", but the reality is that the 25$ paid in your 20s may be worth 3.5$ in your 60s. In my opinion, a universal pension would help a lot, but that isn't able in capitalism (Which is good in my opinion), but a universal standard pension could be a solution.
The universal standard pension would be like a minimum salary equivalent plus a % of your tax payments for the pension. For argument's sake let's say you would get 250$ standard pension, but since you put aside a lot you get 250$ plus on it due to your possibilities.

That's my idea, an universal pension would be cool.

 

[Afeefah]

That very true indeed, we really need a better government for things to be better. My dad had to wait for almost ten years before getting his pension. And I think this only happens to the poor citizens, the only way it will get better is if we have a better government that really cares about its citizens.

 

[Sariana23]

One of the reasons there are problems with the payment of pensions, including employee wages, is poor government management. This happens in many countries, they always have priority to fill the pockets of the rulers and their environment, which for the people who voted for them are the ones who are really affected.

 

[Nurudeen]

The root of all this is corruption, and world Bank defines corruption as the diversion of public funds for private gains. The leaders in Nigeria are selfish and don't have the interest of the citizens at heart. Both the youth and elderly are suffering and the best thing is to revolt against this government.

 

[Emmanuella]

Some of the reasons the government finds it hard to pay pensioners are (1) mismanagement of resources, secondly, lack of planning. Before these ones retired, the government us supposed to had made provisions and arrangement/plans on how to pay these ones immediately they retire.

 

[Hassan14]

We are always being inaudaunted by news on on TV that our government are finding it difficult to pay pensioners so with this issue on ground now, how can we avoid this kind of embarrassment that is being meted out to our old citizens ? Let's proffer solutions guys.

Nigeria is a poor country and whenever there is a problem or problem in it, the government deducts the pension money in it, which causes a lot of hardship and trouble to the pensioners. I don't think so. So that they too can keep their home in good condition and buy all the necessities of life.

 

[kayode10]

The foundation on which the country was built on is at faulty. As a result, this alone as affect all things on the country including the payment of pension.

Nigeria is a not a producing country rather one of the biggest consumers in the world. Since they can produce, they running most of their affairs on budget.

The budget the borrow are not spent Acquiring and grow assets. Rather they spend on recurrent expenditure like payment of salary that does not contribute to the country's development.

Once all the funds have spent on frivolities nothing would be left for pension, hence the reason they always owe pensioner.

 

[Nma]

we are being honest with ourselves we would all agree that Nigeria leaders are corrupt and selfish..... Bad governance is the reason why the country is messed up and the pensioneers are not paid..... We have enough resources to go round in this country but they are squandered and mishandled by those in Power... leaving the poor masses to survive on little or nothing

 

[Alexandoy]

The managers of your state's pension fund may have been mismanaging the institution. There is the so called fund build-up which means the money that the institution gets from the contributions is invested so that it can handle the pensions very well. The build-up should be more than 5 years otherwise the institution will be having a shortage of funds. In this case the government should give financial support for the pension fund so that the pensioners will not be at a disadvantage. I am sorry, you cannot do anything about that problem.

 

[Dubai]

We are always being inaudaunted by news on on TV that our government are finding it difficult to pay pensioners so with this issue on ground now, how can we avoid this kind of embarrassment that is being meted out to our old citizens ? Let's proffer solutions guys.

The state and federal governments should endeavor to include the necessary amount that would be needed to pay the pensioners in their budget. Secondly, I believe the government should be up and doing, with integrity, so as to be able to pay these monies. Lastly, the pensioners should form a labour union or task force that would be ready to challenge the government whenever they refuse to pay as at when due.

 

[Highflyer]

Most states and the Federal government of Nigeria are not finding it hard to pay their pensioners, the truth is they don't want to pay, Nigeria is so corrupt that sometimes you can only imagine how heartlesz these leaders are, the money spent yearly to maintain the numerous cars in the convoy of the state governors will at least make a difference, why don't they find it hard to pay retired governors and leaders?

 

[Life drama]

The root cause of the inabilities of government across the three arms not to perform it's Civic responsibilities,is bad governance.the cost of governance in Nigeria is eating of the economy,why will a responsible government fails to pay it's pensioneers who works for thirty five is wickedness and must looked into seriously.

 

[Samuel77]

Well according to my own point of view I believe we will have to look into the government agency, and also I believe it is because our country is not well financial stabilize and sometimes it is because of the corruption in our country, as for the private organization, I believe it is because they believe the organization might be running to a lost , so they just hold back the pension

 

[Akumari45]

you're talking of pensioners, what about the active workers that are in service?. They are still being owed their monthly salaries. Our government is heartless and don't care for masses welfare. They only provide for their own pension package once they step down from governance.

 

[Richard92]

Most state and the federal government of Nigeria find it so difficult to pay pensioners some times because of different factors which includes, corruption, low turnout of government revenue and funds. Corruption is a very big problem when it comes to government and this affect government policies which also affect the pensioners.