The Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, on Wednesday stated that contrary to the widely reported story, N24 billion of police pension fund money was not missing.
The clarification became necessary following the testimony by the director-general of the Pension Transitional Arrangement Department (PTAD), Nellie Mayshak, that she had no evidence of how N24b police pension fund was spent.
In a statement issued by Mr Paul Nwabuikwu, her Special Adviser on Media, in Abuja, Okonjo-Iweala said reports that N24 billion was missing from the fund were false.
“Contrary to media reports, the sum of N24 billion is not missing from the Police Pension Fund,’ the statement stated.
The statement recalled that Okonjo-Iweala had told the Senate Joint Committee on Pensions Administration at a public hearing that she ordered the account frozen to prevent fraud. The order, she said, was based on reports of suspicious transactions.
“Of the amount in the account, N24 billion was discovered to be an over-estimation of pensions arrears. The money was subsequently returned to government coffers as is the standard practice,’’ Okonjo-Iweala said.
Source: The Scoop
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