The Nigeria Labour Congress (NLC) has issued a seven-day ultimatum to the Federal Government, threatening a nationwide strike over the alleged diversion of 40% of workers’ contributions to the Nigeria Social Insurance Trust Fund (NSITF) into the national treasury.
In a communiqué issued Thursday, NLC President Joe Ajaero accused the government of violating the NSITF Act and undermining workers’ social protection rights. He insisted pension funds are “deferred wages, not government revenue,” warning that any further interference would spark industrial action.
The union also demanded the immediate constitution of the National Pension Commission’s (PenCom) Governing Board, warning that the current leadership vacuum leaves billions in retirement savings vulnerable to mismanagement and political interference.
PenCom’s Head of Corporate Communications, Ibrahim Buwal, countered that the Contributory Pension Scheme remains intact and continues to grow, stressing, “Nobody’s money is missing.” He said appointing a board is the responsibility of the Federal Government, not the regulator.
The Nigeria Employers’ Consultative Association (NECA) backed the NLC’s call, noting that the Pension Reform Act requires the board to be constituted. NECA’s Director-General, Adewale-Smatt Oyerinde, urged the president to act, citing workers and employers as the scheme’s only stakeholders.
The NSITF, however, declined immediate comment. Manager of Actuaries, Planning and Research, Emmanuel Ulayi, said there was no official response yet to the ultimatum, while the Head of Corporate Affairs, Alexandra Mede, disclosed she was hospitalised.
The dispute comes amid growing unrest in the pension sector. In July, labour unions in Ogun State gave the government 72 hours to halt the rollout of a contributory pension scheme until ₦82bn in arrears is cleared.
The NLC communiqué also addressed other matters, including dissolving its Edo State Council over alleged misconduct, and criticising government policies it said had worsened inflation, unemployment, and insecurity.
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