Wednesday 26th July, 2017
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PenCom requests for N5bn capital subvention

PenCom requests for N5bn capital subvention

The National Pension Commission (PenCom) has requested for a capital subvention of N5 billion for its expansion programme this year. The sum of N750m was allocated for them in the 2017 Budget proposal.
 
The request, according to PenCom is broken down into the following project components: Purchase/Acquisition of land; remodeling/construction of office building; remodeling of head office; construction of zonal offices and architectural and other development costs.
 
The fund, according to the commission is part of its expansion program for this year, which is geared towards bringing its activities to the populists, some landed properties will be acquired together with construction of six office buildings.
 
The Director-General, Mrs Chinelo Anohu-Amazu, who said this in a memorandum presented to the National Assembly, noted that the commission hopes to construct four zonal office buildings, acquires land for offices in North-Central, North-West and South-West Zones and construct office buildings in North-Central and South-West.
 
She maintained that the construction of office building in four existing zonal offices, will gulp – N150,000,000.00, acquisition of land for offices in North-Central, North-West and South-West Zones – N150,000,000.00 and construction of office building in two States (North-Central and South-West) – N450,000,000.00.
 
“PenCom wishes to respectfully inform the esteemed Senate Committee on Establishment and Public Service that it was compelled, in its budgetary submission to the Ministry of Budget and National Planning, to stay within the limits stipulated in the template forwarded to it by the Ministry.
 
“However, due to the need for the Commission to expand its activities, we would like to request for the appropriation of the sum of N5,000,000,000.00 as Capital Subvention instead of the N750,000,000.00 allocated. The request is broken down into the following project components: Purchase/Acquisition of Land; Remodeling/Construction of Office Building; Remodeling of Head Office; Construction of Zonal Offices and Architectural and Other Development Costs,” she said.

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