Sh27bn worth of NSSF projects ‘a waste’

Dodoma. The Public Accounts Committee (PAC) yesterday said the National Social Security Fund (NSSF) members were at risk to lose some Sh27.1 billion due to investments made in seven projects, which the committee termed to be ‘uneconomical’.

Speaking in the august House, PAC chairperson Naghenjwa Kaboyoka said the NSSF had invested in projects which were not economically viable.

The projects include the construction of Apollo Hospital, construction of commercial and high commissioner’s building in Kenya, Mkuranga power generation, house construction at Kiseke and Bugarika in Mwanza Region.

Other projects include, construction of houses at plot number 249 at Njiro in Arusha Region, Mwandiga Transport Terminal and purchasing of lands in Coast and Dar es Salaam regions.

Ms Kaboyoka said despite payment of billions of money, some projects were abandoned middle-way.

She added that NSSF had no title deed for some of the land it purchased.

Worse enough, the PAC chairperson said some pieces of land have been encroached upon by people.

“All this puts at risk the money owned by NSSF members,” warned Ms Kaboyoka.

Magu lawmaker Bonevetura Kiswaga (CCM) said as it stands, purchase of land by NSSF for investments bore all the hallmarks of embezzlement.

He suggested that the government should launch thorough investigations and take action against all those who were involved in the purchase of land for investment.

“It is high time, the culprits were brought to book,” opined Mr Kiswaga.

Nyamagana MP Stanslaus Mabula suggested that the government and NSSF board to ensure investments were guided by Social Security Regulatory Authority (SSRA) and Bank of Tanzania (BoT)’s guidelines.

“We need to invest in profitable projects and for this to happen, feasibility study is of paramount importance in any investments,” stressed Mr Mabula.