Atiku Abubakar, the PDP’s presidential candidate, has warned the Tinubu administration against tampering with Nigeria’s Pension Funds Asset, urging them to adhere strictly to the Pension Reform Act of 2014 and the National Pension Commission’s regulations.
Atiku’s statement came in response to Finance Minister Wale Edun’s suggestion to use N20 trillion from pension funds and other sources to finance infrastructure projects.
Atiku condemned the move, saying: “My attention is drawn to a disturbing disclosure by the Finance Minister… 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… 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.”
Atiku emphasized that the government must act within the law, citing the 5% investment limit for pension funds in infrastructure investments.
He noted that as of December 2023, total pension funds assets were approximately N18 Trillion, with 75% invested in FGN Securities, leaving no room for the government to “fiddle with” the funds.
Atiku concluded: “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.”
