"N24billion Police Pension Fund not missing" - FG

The Federal Government has debunked the reported disappearance of N24 billion from the Police Pension Fund, saying the money in question was discovered to be an over-estimation of pensions arrears and subsequently returned to government coffers in line with standard practice.

Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who cleared the air over the alleged missing fund, via a statement issued by her Special Adviser, Mr. Paul Nwabuikwu, said in March 2012, she had told the Senate Joint Committee on Pensions Administration at a public hearing that she ordered the account frozen to prevent fraud based on reports of suspicious transactions.

The minister's reaction was sequel to what transpired at the House of Representatives’ Public Accounts Committee (PAC) probe, where the Director General of the Pension Transitional Arrangement Department (PTAD), Mrs. Nellie Mayshak had told the committee that "no documentary evidence" exists on the whereabouts of N24 billion released from the Service Wide Vote in 2010 for the Police Pension Fund.