The 2023 Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has called for an immediate halt to the Federal Governments plan to deploy the N20 trillion Pension Fund for infrastructure development.
Recall that Finance and Coordinating Minister of Economy, Wale Edun, had on Tuesday informed State House reporters, following a two-day Federal Executive Council (FEC) session chaired by President Bola Tinubu at the Presidential Villa, Abujs.
Edun emphasised that this initiative is integral to Tinubus overarching efforts to stabilize the economy amidst elevated inflation and interest rates.
He stated The life insurance and investment fund industry. Generally, there are offers of 20 trillion Naira available, or much of it is in short-term funding that doesnt need to be quite sure money is long-term. People save over their lifetime for their pension.
And so, in conversation, in consultation, collaboration, and cooperation with the private sector, we are now able to announce and with the full knowledge and support of all parties, that there will be an initiative to fund growth through investment in infrastructure, including housing provision of mortgages, long-term mortgages, 25-year mortgages at relatively low interest rates.
However, in a swift response, the former Vice-President, in an issued statement via his verified Facebook page yesterday, criticised the FGs action, describing it as misguided.
Atiku cautioned that if not promptly stopped, the initiative could have disastrous consequences for hardworking Nigerians who rely on their pensions after retiring from service.
Atiku criticised the Minister for failing to furnish pertinent information, such as the proportion of funds intended to be withdrawn from the Pension Funds.
