Atiku Abubakar, former vice-president, has kicked against the federal government’s plan to borrow Nigeria’s pension fund to finance infrastructure projects.
Edun said it was a significant step towards driving economic progress and addressing critical infrastructure needs.However, Abubakar warned the decision could have devastating effects on the lives of Nigerians who have worked hard, saved money, and now rely on their pensions after retiring from service.
“There is, according to the minister, a move by the federal government to rev up economic growth by unlocking N20 trillion from the nation’s 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 ‘immediate focus’ for now.
Abubakar said the government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 , along with the revised Regulation on Investment of Pension Funds Assets issued by the National Pension Commission .
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