President of the Nigeria Labour Congress, NLC, Joe Ajaero, has raised the alarm over the Federal Government’s prolonged delay in reconstituting the board of the National Pension Commission, PenCom.

Ajaero warned that the absence of a governing board undermines transparency and accountability in the management of workers’ retirement savings.

The NLC President raised the alarm while speaking to journalists at the Annual General Meeting of TrustFund Pensions Limited in Abuja, lamenting that for nearly four years, PenCom has operated without a properly constituted board, despite legal provisions mandating representation from both labour and employers.

“The PenCom board is supposed to have institutional representation from labour and employers, since it is workers’ and employers’ contributions that make up the pension funds. But for years now, that board has not been inaugurated, and yet decisions are being made. That raises questions about accountability,” he said.

He also expressed concern over persistent delays in the payment of pension entitlements, noting that many retirees still endure long wait times and unpaid benefits despite contributing faithfully during their working years.

Ajaero further queried the handling of revenue from workers’ compensation funds, calling for increased transparency and oversight in the use of such social security contributions.

Speaking on broader labour issues, the NLC President stressed that the economic downturn has eroded the value of both wages and pensions, worsening the welfare of Nigerian workers.

“Whether it is N70,000 or more, workers’ pay cannot go far in an environment where fuel prices, electricity tariffs, and inflation keep rising. The Federal Government needs to renew its efforts to stabilise the economy and restore the value of the naira.