National Economy
Friday, May 9, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home States & Politics

Infrastructure: Leave N20trn Pension Funds Alone, Atiku Tells Federal Gov’t

by .
12 months ago
in States & Politics
Reading Time: 2 mins read
atiku
Share on FacebookShare on TwitterShare on Telegram

Former Vice President Atiku Abubakar has warned the federal government not to tamper with Nigeria’s pension funds in its bid to rev up economic growth by unlocking N20 trillion from pension savings to finance critical infrastructure projects across the country.

He described the move as another attempt to perpetrate illegality by the federal government, adding that it must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014).

The opposition leader added that the initiative was misguided and could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.

The former Vice President, who cautioned against cutting corners to fund infrastructure, said the government must introduce necessary reforms to restore investor confidence in the Nigerian economy.

You May Like

NGO Rallies Coalition To Tackle Poverty In Akwa Ibom Oil Communities

Stakeholders Canvass Risk Mgt In Infrastructure, Enterprise Devt For National Growth

The federal government, through the coordinating minister for the economy and minister of finance, Wale Edun, on Tuesday, unveiled a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.

The minister disclosed this at the end of the two-day federal executive council (FEC) meeting chaired by President Bola Tinubu on Tuesday.

The minister had indicated that “the initiative is expected to attract foreign investment interest over time.”

But, taking to his X handle on Wednesday, Atiku said it was curious that the minister provided no useful details, such as the percentage of the funds to be mopped up from the Pension Funds.

The former VP added, “Even at that, this move must be halted immediately! It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.

“It is another attempt to perpetrate illegality by the Federal Government. The government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom).

“In particular, the Federal Government must not act contrary to the provisions of the extant Regulation on investment limits to wit: Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments.

“I note that as of December 2023, total pension funds assets were approximately N18 Trillion, of which 75% of these are investments in FGN Securities.

“There is NO free Pension Funds that is more than 5% of the total value of the nation’s pension fund for Mr. Edun to fiddle with.

“There are no easy ways for Mr. Edun to address the challenges of funding infrastructure development in Nigeria. He can’t cut corners.

“He must introduce the necessary reforms to restore investor confidence in the Nigerian economy and to leverage private resources, skills, and technology.”

ShareTweetShare
Previous Post

KuCoin Deactivates P2P, Delists Naira On Platform

Next Post

New Gas Projects Will Supply 25% Gas To Nigeria’s Market – Tinubu

ANOTHER GOOD READ

Governor Umo, Others Get LEADERSHIP Awards
States & Politics

NGO Rallies Coalition To Tackle Poverty In Akwa Ibom Oil Communities

3 weeks ago
Stakeholders Canvass Risk Mgt In Infrastructure, Enterprise Devt For National Growth
States & Politics

Stakeholders Canvass Risk Mgt In Infrastructure, Enterprise Devt For National Growth

3 weeks ago
Bauchi Approves N872m PHC Counterpart Funds
States & Politics

Bauchi Approves N872m PHC Counterpart Funds

3 weeks ago
SMEDAN Trains 50 MSMEs On Best Practices In Delta
States & Politics

SMEDAN Trains 50 MSMEs On Best Practices In Delta

4 weeks ago
States & Politics

Jigawa Approves N15bn For Basic Education Programme

4 weeks ago
INEC Notifies Akpoti-Uduaghan Of Petition To Recall Her From Senate
States & Politics

INEC Notifies Akpoti-Uduaghan Of Petition To Recall Her From Senate

4 weeks ago
Next Post
Tinubu Suspends 5% Excise Tax On Telecoms, Others

New Gas Projects Will Supply 25% Gas To Nigeria's Market - Tinubu

Most Recent

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

May 9, 2025
Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

May 9, 2025

Olubadan Suspends 2 Chiefs Over Alleged Land Grabbing

May 9, 2025
Fire Destroys Multimillion Naira Foam Factory In Oyo

Fire Destroys Multimillion Naira Foam Factory In Oyo

May 9, 2025
Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

May 9, 2025
TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown   

TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown  

May 8, 2025
2025 Hajj: Sokoto Begins Airlift Of Intending Pilgrims May 9

2025 Hajj: Sokoto Begins Airlift Of Intending Pilgrims May 9

May 7, 2025
US Transport Agency Reveals Cause Of Wigwe’s Helicopter Crash

US Transport Agency Reveals Cause Of Wigwe’s Helicopter Crash

May 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy