No money is missing from Police Pension Fund – Okonjo-Iweala

The Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, on Wednesday confirmed that no money was missing from the Police Pension Fund.

This is continuation of the statement issued by Mr Paul Nwabuikwu, her Special Adviser on Media, in Abuja. It said reports that N24 billion was missing from the fund were false. “Contrary to media reports, the sum of N24 billion is not missing from the Police Pension Fund,’’ the statement stated. It stated that Okonjo-Iweala had told the Senate Joint Committee on Pensions Administration at a public hearing that she ordered the account frozen to prevent fraud. The order, she said, was based on reports of suspicious transactions. “Of the amount in the account, N24 billion was discovered to be an over-estimation of pensions arrears. “The money was subsequently returned to government coffers as is the standard practice,’’  Okonjo-Iweala said.