Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubakar, has cautioned the government of President Bola Ahmed Tinubu, against the misuse of Nigeria’s Pension Funds Asset.
Abubakar’s caution comes in response to a revelation by the Finance Minister and Coordinating Minister of the Economy, Wale Edun, who hinted at utilizing N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country.
In a statement personally signed by Atiku and made available to Vanguard, he condemned the move as a misguided initiative that could have disastrous consequences for retired Nigerians who rely on their pensions for survival.
He emphasized the need for the government to strictly adhere to the provisions of the Pension Reform Act of 2014 (PRA 2014) and the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom).
Atiku highlighted that pension funds can invest no more than 5% of total pension funds’ assets in infrastructure investments, as stipulated by the extant Regulation on Investment of Pension Assets.
He underscored that no free pension funds exceed the 5% investment limit, and any attempt to exceed this limit would be unlawful.
Abubakar urged the government to introduce necessary reforms to restore investor confidence in the Nigerian economy and leverage private resources, skills, and technology to address the challenges of funding infrastructure development.
