Nigerian Government Denies Plans To Illegally Tap Pension Fund For Infrastructure (Full Details)

The Bola Tinubu-led Nigerian government has stated that there are no plans to illegally tap into the N20 trillion Pension Fund of workers to finance infrastructure and housing…. CONTINUE READING

The Minister of Finance and Coordinating Minister of Economy, Wale Edun, made this known in a statement on Thursday in Abuja.

Several media reports had claimed that the government was planning to stop the pension and life insurance of workers to develop infrastructure in the country. However, the minister assured the citizens that the federal government would not illegally access the savings and pensions of workers.

Edun emphasized that any plan to use these funds would adhere strictly to established regulations governing pension funds.

The statement reads: “It has come to my notice that there are stories making rounds that the federal government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.

“The federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers.

“Merely for noting; merely for information, no approval was sought for any action whatsoever that there was an ongoing initiative drawing in all the major stakeholders in the long-term savings industry, those that handle funds that are available over a long period, to see how within the rules; within the regulations and the laws, these funds could be used maximally; most effectively to drive investment in key growth areas, infrastructure, housing and of course to find a way to provide Nigerians with affordable mortgages within this context.

“There’s no attempt or no consideration to provide less safe investments for pension funds or even insurance funds or any investment funds that are made available.

“No attempt whatsoever to increase the risk, no attempt whatsoever to lower the returns that would otherwise be earned. And we must remember that the Federal Government possesses the ability to provide guarantees where such are needed in order to unlock funding that would lead to growth, creation of jobs and the alleviation of poverty.

“It is an ongoing conversation, a challenge and a test for the best and brightest in the financial industry to come up with solutions that while safeguarding the long-term savings of workers, do provide an avenue that can help to boost growth in the economy.”

Published By: Destiny.Jnr