Ondo eyes pension funds to boost infrastructure

Governor Lucky Aiyedatiwa has announced that Ondo State is actively exploring avenues to utilise pension funds for infrastructural development as part of a broader strategy to boost economic growth and ensure sustainable development.

According to a statement issued on Thursday, the governor disclosed this while receiving a high-powered delegation from the National Pension Commission on Tuesday, led by its Director-General, Ms Omolola Oloworaran, at the Government House in Akure.

During the visit, discussions centred on enhancing pension reforms, improving the welfare of retirees, and enforcing compliance with the Contributory Pension Scheme.

Aiyedatiwa praised the pivotal role of pension funds in driving long-term economic development and pledged to fully implement the CPS across the state.

“The commitment of this administration to pension reform is unwavering. We see pension funds as not just a means to secure the future of our retirees but also as a strategic tool to unlock infrastructural development in Ondo State,” he said.

Currently, the Ondo State Pension Commission holds a compliance rating of 72.44 per cent, based on the most recent Routine Inspection by PenCom.

Aiyedatiwa expressed a strong ambition to raise that score to 95 per cent in response to the challenge issued by PenCom’s Director General.

Oloworaran proposed several critical amendments to Ondo State’s Pension Law. Among them are the establishment of a Minimum Pension Guarantee for low-income retirees and an Irrevocable Standing Payment Order to guarantee uninterrupted pension contributions across political administrations.

She further advocated for the institutionalisation of a Pension Compliance Certificate as a mandatory prerequisite for business licenses, registration renewals, and public contract awards, measures aimed at enhancing transparency and enforcement in pension remittances.

Oloworaran urged the state to accelerate corrective actions. Aiyedatiwa assured the delegation that his administration is working swiftly to resolve outstanding issues before the next scheduled inspection.

“This is a joint responsibility. We owe it to our senior citizens and future generations to build a pension system that is robust, transparent, and impactful,” Aiyedatiwa said.