FG Clarifies: No Intent To Illegally Access Workers Pension Funds

FG Clarifies: No Intent To Illegally Access Workers Pension Funds

The Bola Tinubu-led Nigerian government has clarified that there are no plans to unlawfully tap into the N20 trillion Pension Fund to finance infrastructure and housing projects. Wale Edun, the Minister of Finance and Coordinating Minister of Economy, announced this in a statement on Thursday in Abuja………..CONTINUE READING

Recent media reports had suggested that the government was planning to halt pension and life insurance funds to support infrastructure development. However, Edun reassured citizens that the federal government would not access workers’ savings and pensions illegally.

“The federal government has no intention to exceed the legal limitations safeguarding workers’ pensions,” Edun stated. He emphasized that any use of pension funds would strictly adhere to established regulations.

The statement read: “I have noticed circulating stories that claim the federal government plans to unlawfully access workers’ hard-earned savings and pension contributions. This is entirely false.

“The federal government will not go beyond established boundaries designed to protect workers’ pensions. Currently, there is an ongoing initiative involving major stakeholders in the long-term savings industry to explore how, within legal and regulatory frameworks, these funds can be utilized effectively for investments in key growth areas such as infrastructure and housing, while also providing affordable mortgages for Nigerians.

“There is no intention to expose pension or insurance funds to higher risks or to decrease the returns they generate. The federal government can provide guarantees to unlock funding for growth, job creation, and poverty alleviation, without compromising the safety of workers’ long-term savings.

“This initiative is a call for the financial industry’s best and brightest to develop solutions that both safeguard workers’ savings and stimulate economic growth.”

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