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  • News - North Central - FCT
  • Updated: May 17, 2024

No plan to ‘illegally access workers’ pension funds — FG

No plan to ‘illegally access workers’ pension funds —

Minister of Finance and Economy Coordinator, Wale Edun, has reassured that the federal government has no intention of unlawfully tapping into workers' pension funds amidst speculations of a purported plan by President Bola Tinubu's administration to withdraw 20 trillion naira from the pension pool.

“It has come to my notice that there are stories making the rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers,” Mr Edun said in a video released by the ministry on Thursday.

Earlier this week, Edun announced the government's intention to allocate 20 trillion naira from pension funds towards infrastructural development projects, following the Federal Executive Council meeting chaired by Tinubu on May 13 and 14 at the Presidential Villa. 

He outlined plans to invest these funds in various sectors including housing, power, rail, roads, water transport, and technology to boost economic growth, job creation, and poverty reduction.

However, the news sparked widespread backlash on social media, with many Nigerians expressing concerns that the move could potentially facilitate embezzlement and money laundering.

Speaking further on Thursday, Edun noted, “Nothing could be further from the truth. The pension industry, like most of the financial industry, is highly regulated. There are rules, there are limitations about what pension money can be invested in and what it cannot be invested in.”

“The Federal Government has no intention whatsoever to go beyond those limits and go outside those bounds which are there to safeguard the pensions of workers,” he added.

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