{"id":111925,"date":"2024-05-16T07:12:59","date_gmt":"2024-05-16T06:12:59","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=111925"},"modified":"2024-05-16T07:12:59","modified_gmt":"2024-05-16T06:12:59","slug":"tinubu-must-not-fiddle-with-nigerias-pension-funds-asset-atiku","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-must-not-fiddle-with-nigerias-pension-funds-asset-atiku\/","title":{"rendered":"Tinubu must NOT Fiddle with Nigeria\u2019s Pension Funds Asset – Atiku"},"content":{"rendered":"
*It’s a breach of the Pension Reform Act<\/p>\n

My 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.<\/p>\n

There 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. The Minister has indicated that although “the initiative is expected to attract foreign investment interest over time”, domestic savings are his \u2018immediate focus\u2019 for now.<\/p>\n

He provided no useful details, such as the percentage of the funds to be mopped up from the Pension Funds, for example. Even at that, this move must be halted immediately!\u00a0 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.<\/p>\n

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\u00a0 investment limits to wit: Pension Funds can invest no more than 5% of total pension funds\u2019 assets in infrastructure investments. I note that as of December 2023, total pension funds assets were approximately N18 Trillion, of which 75% of these\u00a0 are investments in FGN Securities.<\/p>\n

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.
\nThere are no easy ways for Mr. Edun to address the challenges of funding infrastructure development in Nigeria. He can\u2019t cut corners. He must introduce the necessary reforms to restore investor confidence in the Nigerian economy and to leverage private resources, skills, and technology.<\/p>\n

Atiku Abubakar
\nVice President of Nigeria (1999-2007) and Presidential candidate of the Peoples Democratic Party (2023).<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

*It’s a breach of the Pension Reform Act My attention is drawn to a disturbing disclosure by the Finance Minister and Coordinating Minister of the Economy, Wale Edun, as he…<\/p>\n","protected":false},"author":1,"featured_media":111926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-111925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nTinubu must NOT Fiddle with Nigeria\u2019s Pension Funds Asset - Atiku - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/tinubu-must-not-fiddle-with-nigerias-pension-funds-asset-atiku\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu must NOT Fiddle with Nigeria\u2019s Pension Funds Asset - 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