Atiku Abubakar, the Peoples Democratic Party’s 2023 Presidential candidate, has vehemently opposed the Federal Government’s plan to tap into the N20 trillion Pension Fund for infrastructure development. This controversial move, disclosed by Finance and Coordinating Minister of Economy, Wale Edun, after a recent Federal Executive Council session chaired by President Bola Tinubu, has sparked widespread concern.
Edun underscored the initiative’s significance in Tinubu’s strategy to stabilize the economy amidst prevailing challenges like inflation and high interest rates. However, Atiku, in a statement on his verified Facebook page, criticized the plan as misguided and potentially disastrous for retired Nigerians dependent on their pensions.
Expressing alarm over the government’s proposal, Atiku emphasized the need to halt the initiative immediately. He argued that tapping into pension funds for such purposes could jeopardize the financial security of hardworking retirees. Atiku also called out the lack of transparency regarding the proportion of funds intended for withdrawal from the Pension Funds.
Furthermore, Atiku urged strict adherence to the provisions of the Pension Reform Act of 2014 and the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). He emphasized that the government must not contravene the investment limits outlined in the regulations, which cap infrastructure investments at 5% of total pension funds’ assets.
Highlighting the significance of investor confidence and the need for reforms to attract private resources and expertise, Atiku cautioned against shortcuts in addressing Nigeria’s infrastructure challenges. He emphasized the importance of adhering to established regulations and leveraging private sector participation to ensure sustainable economic growth.