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PenCom, PTAD to spend N1.43bn on capital projects in 2019

The National Pension Commission (PenCom) and the Pension Transitional Arrangement Directorate (PTAD) will spend a total of N1.43 billion out of the N2.03 trillion proposed…

The National Pension Commission (PenCom) and the Pension Transitional Arrangement Directorate (PTAD) will spend a total of N1.43 billion out of the N2.03 trillion proposed for capital projects in the 2019 budget currently before the National Assembly.

The federal government had budgeted N1.39 billion as capital expenditure for the two pension agencies in 2018 budget.

For both recurrent and capital costs, the federal government proposed N4.12 billion for PTAD and PenCom for the 2019 fiscal year.

Daily Trust’s analysis of the 2019 budget showed that N3.16 billion was allocated for PTAD while N613.42 million was allocated for PenCom.

A breakdown of the budgets of the two key pension agencies showed that PTAD would spend N396.74 million on capital expenditure and N2.76 billion on recurrent expenditures comprising N1.73 billion for personnel cost and N1.03 billion for overhead cost.

PenCom intends to spend N95.92 million on overhead cost and N517 million on capital expenditures this year.

PenCom proposes N19.18 million for local travels and transport, N33.57 million for local training, N43.17 million for publicity and advertisements.

For capital projects, PenCom intends to spend N105.42 million on construction of office buildings in south south geopolitical zones, N96.60 million on construction of office building in Kwara State, N31.05 million construction of office building in Gombe State, and N34.50 million on construction of office building in Kano State.

The capital projects, which PenCom indicated as on-going, include construction of office building in Anambra State at N101.43 million, chase/acquisition of land in South West geo political zone (3 states) at N89.85 million, purchase/acquisition of lands in north east geo political zone(3 states) at N27.60 million and purchase/acquisition of land in Kano state at N31.05 million.

Meanwhile, PTAD intends to spend N1.54 billion on salaries and wages, N192.07 million on allowances and social contributions, N76.83 million on health insurance and N115.24 million on staff pension contributions.

PTAD also proposed to spend N230.53 million on travels and transport, N24.68 million on electricity charges, N4.15 million on telephone charges, N2.85 million on internet access charges, N1.20 million on satellite broadcasting access charges and N1.34 million on water rates.

PTAD’s computer consumables and office stationaries will also gulp N77.66 million while provisions of N1.34 million was made for newspapers, N446,009 for magazines and periodicals, and N5.12 million for printing of non-security documents.

The Directorate also intends to spend N29.46 million on maintenance of motor vehicles/transport equipment, N1.94 million for maintenance of furniture, N29.76 million for maintenance of office/residential building of the headquarters, N9.46 million for maintenance of office/IT equipment and N15.68 million for maintenance of plants/generators.

Further analysis of PTAD’s budget showed that the Directorate budgeted N98.20 million for office rent, N30.50 million for security charges, N40.05 million for cleaning and fumigation services, N14.52 million for consulting and professional services, N41 million for fuel and lubricants

The Directorate will spend N130.60 million on welfare packages, N38.61 million on meals and refreshments, N80.82 million on publicity and advertisements and N15.28 million on honorarium and sitting allowance.

For capital projects, PTAD intends to spend N280 million on rehabilitation/repairs of office building, N60 million on purchase of computers, N50 million for computer soft wares, N6.74 million on purchase of office furniture and fittings.

Meanwhile, the federal government budgeted N324.65 billion for payment of pension and gratuity in 2019.

The Federal Ministry of Education also proposed to spend N36.55 million for PenCom verification of intending retirees with effect from January 2019 to December 2019 in line with federal government directives and sensitisation forum for relevant stakeholders on group life assurance in the six geo-political zones.

The Education Ministry also made provision of N39.37 million for another “PenCom verification of intending retirees with effect from January 2019 to December 2019 in line with federal government directives at 20M and sensitization forum for relevant stakeholders on group life assurance in the six geo-political zone at 24M.”

Federal Ministry of Power, Works and Housing also proposed to spend N8.5 million on digitalisation of the Ministry’s pension unit to link up with PenCom office.

 

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