2017 budget: PenCom, PTAD to spend N992.89m on constructions, research

The federal government has appropriated a total of N992.89 million for the National Pension Commission (PenCom) and the Pension Transitional Arrangement Directorate (PTAD) to carry out capital projects in the 2017 fiscal year.

The capital costs of the two agencies in charge of the nation’s contributory pension scheme and defined benefit scheme as contained in this year’s budget undergoing consideration before the National Assembly showed that PenCom plans to spend a total of N750 million on capital projects while PTAD will spend N242.89 million on the same purpose.

Analysis showed that PenCom budgeted N150m for fixed assets purchase and N600m for construction and provision of fixed assets.

The major capital projects to be undertaken by the PenCom this year include construction of office building at four existing zonal offices at N150m, acquisition of land for offices in the North-central, North-west and South-west at N150m and construction of office building in two states: North-central and South-west at N450m.

PTAD, on the other hand, which is responsible for pensioners who are yet to migrate to the contributory pension scheme, plans to spend N108.40m on fixed assets purchase, N35.50m on purchase of office furniture and fittings, N40.65m on purchase of computers, and N31.250m on purchase of power generating set.

The directorate plans to spend N134.49m on acquisition of non-tangible assets, N35m on researches and development as well as N99.49m on computer software acquisition.

The Directorate got a total allocation of N2.58 billion in the budget, out of which N1.31 billion is for personnel, N1.03 billion is for overhead while N242.89 million is for capital projects.

The key projects to be executed by the PTAD this year are research and development valued at N35 million and facilities management valued at N207.89 million.