{"id":726,"date":"2024-05-16T08:38:24","date_gmt":"2024-05-16T08:38:24","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=726"},"modified":"2024-05-16T09:07:45","modified_gmt":"2024-05-16T09:07:45","slug":"another-illegality-dont-use-%e2%82%a620trn-pension-fund-to-build-infrastructure-atiku-to-tinubu","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/05\/16\/another-illegality-dont-use-%e2%82%a620trn-pension-fund-to-build-infrastructure-atiku-to-tinubu\/","title":{"rendered":"‘Another Illegality\u201d Don’t Use \u20a620trn Pension Fund To Build Infrastructure, Atiku To Tinubu."},"content":{"rendered":"
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Former Vice President\u00a0Atiku Abubakar has queried the move by the federal government under the leadership of President Bola Tinubu to use pension funds to finance infrastructure projects.<\/h3>\n

The former Vice President described such acts as an illegality, a disturbing decision that\u00a0\u201ccould lead to disastrous consequences on the lives of Nigeria\u2019s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.\u201d<\/em><\/p>\n

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The federal government said it aims to boost economic growth by utilising N20 trillion from the nations pension found\u00a0 \u00a0to finance vital infrastructure projects nationwide.<\/p>\n

Finance Minister and coordinating minister of the economy,\u00a0Wale Edun<\/strong>, disclosed this to State House correspondents on Tuesday after President Bola Tinubu presided over the Federal Executive Council meeting at the Presidential Villa.<\/p>\n

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He mentioned that the initiative is a crucial part of Tinubu\u2019s comprehensive reforms aimed at stabilising the economy in the face of high inflation and interest rates.<\/p>\n

However, in his reaction on Wednesday via a post on his X account, Atiku called on the Tinubu-led government to cancel the plan.<\/p>\n

He argued that it is a misguided move on the part of the government.<\/p>\n

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In his words,\u00a0\u201cMy attention is drawn to a disturbing disclosure by the finance minister and coordinating minister of the economy, Wale Edun, as he addressed state house correspondents after the federal executive council (FEC) meeting at the presidential villa on Tuesday, 14 May,\u201d Abubakar said.<\/em><\/p>\n

\u201cThere is, according to the minister, a move by the federal government to rev up economic growth by unlocking N20 trillion from the nation\u2019s pension funds and other funds to finance critical infrastructure projects across the country.<\/em><\/p>\n

\u201cThe minister has indicated that although \u201cthe initiative is expected to attract foreign investment interest over time\u201d, domestic savings are his \u2018immediate focus\u2019 for now.<\/em><\/p>\n

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\u201cHe provided no useful details, such as the percentage of the funds to be mopped up from the pension funds, for example.<\/em><\/p>\n

\u201cEven at that, this move must be halted immediately! It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria\u2019s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.<\/em><\/p>\n

\u201cIt is another attempt to perpetrate illegality by the federal government.\u201d<\/em><\/p>\n

The former Vice President also urged the government to avoid going against the provisions of the pension reform act 2014.<\/p>\n

\u201cIn particular, the federal government must not act contrary to the provisions of the extant Regulation on investment limits to which Pension Funds can invest no more than 5% of total pension funds\u2019 assets in infrastructure investments,<\/em>\u201d Atiku said<\/p>\n

\u201cI note that as of December 2023, total pension funds assets were approximately N18 trillion, of which 75% of these are investments in FGN Securities.<\/em><\/p>\n

\u201cThere is NO free Pension Funds that is more than 5% of the total value of the nation\u2019s pension fund for Mr. Edun to fiddle with.\u201d<\/em><\/p>\n

He added that the government must do things right to regain investor confidence in the Nigerian economy and to leverage private resources, skills, and technology.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Former Vice President\u00a0Atiku Abubakar has queried the move by the federal government under the leadership of President Bola Tinubu to use pension funds to finance infrastructure projects. The former Vice President described such acts...<\/p>\n","protected":false},"author":2,"featured_media":727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=726"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/726\/revisions"}],"predecessor-version":[{"id":728,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/726\/revisions\/728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/727"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}