Atiku Abubakar, the presidential candidate of the People’s Democratic Party in the 2023 election, has raised concerns over a recent statement made by the Finance Minister and Coordinating Minister of the Economy, Wale Edun.
Following the Federal Executive Council (FEC) meeting at the Presidential Villa on May 14, Edun disclosed a plan by the Federal Government to access N20 trillion from pension funds and other sources to fund critical infrastructure projects nationwide, aiming to boost economic growth.
Despite the potential for attracting foreign investments in the future, Edun emphasized the immediate focus on domestic savings. However, Atiku Abubakar has criticized this move, highlighting the lack of specific details on the proportion of funds to be withdrawn from pension funds. He warns against the potential negative impact on retirees who rely on their pensions for livelihood.
Atiku Abubakar stresses the importance of adhering to the Pension Reform Act of 2014 and the regulations set by the National Pension Commission to prevent any illegal actions by the government. He points out that the current investment limits for pension funds in infrastructure projects should not be exceeded, citing the need for strict compliance with existing regulations.
In conclusion, Atiku Abubakar emphasizes the necessity for genuine reforms to attract investments, restore confidence in the economy, and utilize private resources effectively for infrastructure development in Nigeria. He cautions against shortcuts and advocates for sustainable solutions to address the funding challenges in the country.
