Social Security Funds investment income seen dwindling

Dar es Salaam. The Controller and Auditor General (CAG), has noted a significant decline of investment income facing major social security funds in the country.

In a report which CAG tabled in the Parliament last week, he singled out National Social Security Fund (NSSF), PPF, PSPF and LAPF as being faced with the problem.

He noted that the problems have been caused by, among other things, low investment performance, substantial inefficiencies in management of loans issued to SACCOS, inefficient mechanism and control over long outstanding rent receivables and overdue receivables which the Government owes the Funds.

On the other hand, CAG points out in the report that Tanzania Communication Regulatory Authority (TCRA) has inadequate moving stations for spectrum monitoring system.

“Also, it has no mechanism to ensure all private companies have dot (.) tz domain with no business plan to smoothen the implementation of .tz registry,” writes CAG in the report.

TCRA has also been found to be unable to monitor internet data, airtime usage and unregistered operators with no valid licenses. This, according to CAG, pose risk on the accurate determination of tax on revenues generated by these telecoms operators.