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Just In: ” Halt the idea of unlocking N20 trillion from the Nations Pension fund immediately” – Atiku Fires At Federal Government

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My attention is drawn to a disturbing disclosure by the Finance Minister and Coordinating Minister of the Economy, Wale Edun, as he addressed State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa on Tuesday, 14 May.

There is, according to the Minister, a move by the Federal Government to rev up economic growth by unlocking N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country. The Minister has indicated that although “the initiative is expected to attract foreign investment interest over time”, domestic savings are his ‘immediate focus’ for now.

He provided no useful details, such as the percentage of the funds to be mopped up from the Pension Funds, for example. Even at that, this move must be halted immediately! It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.

It is another attempt to perpetrate illegality by the Federal Government. The government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). In particular, the Federal Government must not act contrary to the provisions of the extant Regulation on investment limits to wit: Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments. I note that as of December 2023, total pension funds assets were approximately N18 Trillion, of which 75% of these are investments in FGN Securities.

There is NO free Pension Funds thst is more than 5% of the total value of the nation’s pension fund for Mr. Edun to fiddle with.
There are no easy ways for Mr. Edun to address the challenges of funding infrastructure development in Nigeria. He can’t cut corners. He must introduce the necessary reforms to restore investor confidence in the Nigerian economy and to leverage private resources, skills, and technology. | Follow us on Ekwutosblog

Politics

We’ve Just Finished Renovating Conference Centre With N39B When Our Children Don’t Have Light- Peter Obi ‎

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‎Former Anambra State Governor and Labour Party presidential candidate, Peter Obi has condemned the extravagant lifestyle of Nigerian politicians while basic education infrastructure remains in shambles.

‎Speaking during an interview with SYMFONI TV where he donated computers to Chibok girls, Obi decried the disconnect between political spending and the suffering of ordinary Nigerians, especially students.

‎”We have just finished renovating our conference centre with 39 billion naira when our children in school don’t have light, they don’t have computer, their classrooms are leaking, they don’t have water.”

‎Peter Obi who is Known for his meticulous approach to governance and strong emphasis on education, reiterated that no nation can progress when its leaders prioritize personal comfort over the welfare of its youth.

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I’ll continue to give Tinubu’s enemies high blood pressure – Wike

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Minister of the Federal Capital Territory Nyesom Wike has vowed to ensure that President Bola Tinubu’s enemies develop high blood pressure.

Wike said he had realised that Tinubu’s opponents are unhappy with his good works since assuming office in 2023.

The minister made this statement during the commissioning of the Arterial Road N16 (Shehu Shagari Way) from Ring Road 1 (Nnamdi Azikiwe Way) to Arterial Road N20 (Wole Soyinka Way), along with other roads in the Katampe district of capital city, by President Tinubu on Wednesday.

Wike recalled how he came to understand, while watching television, that some individuals harbour resentment towards Tinubu.

The minister vowed to continue rolling out commendable projects that would cause further dismay to the President’s critics.

He said: “Sometimes, I don’t know, spiritually I was touched. I was just touched to turn it (TV) on, and I was watching, and I didn’t realise that people could be in pain, but now I know that such people are in pain.

“I now must make sure I continue to give them high blood pressure. As they continue to be in pain, it’ll be sweetening us, and that’s now my job.

“I’ll be happy, moving around, and laughing every time, and they’ll be there shouting, fighting, and killing themselves. So, Mr President, thank you for being part of this revolution.”

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Democracy Day: ‘Nigeria is not where it should be’ – Niger Gov, Bago

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Niger State Governor Mohammed Bago has expressed concern that despite over two decades of uninterrupted democratic rule, Nigeria still falls short of its potential.

The governor spoke in a statement released by his Chief Press Secretary, Bologi Ibrahim, to commemorate this year’s Democracy Day.

Bago stressed that more needs to be done to translate democratic rule into tangible development.

“It is worrisome that despite the uninterrupted democratic rule that Nigeria has been having from 1999, the Nation is still not where it should be. More needs to be done,” Bago said.

He called for electoral reforms and enhanced civic participation for inclusive governance and strong democratic institutions that protect the vulnerable, ensure justice and provide equal opportunities for all, thereby, advancing democracy in Nigeria.

Bago also called on Nigerians to reflect deeply on progress made, renew their commitments in the democratic process and uphold the principles of democracy.

According to him, “Democracy symbolises the victory of the collective will of the people, over dictatorship. It also reminds every patriotic Nigerian of the struggles, sacrifices, aspirations, and resilience of our past heroes and heroines.”

He also stated that semocracy has brought about transparency and accountability in governance, vibrant political competition, expression of diverse viewpoints and increased civic engagement, among others.

Bago reassured the people of Niger State that through responsible leadership and inclusive governance for a sustainable development, more dividends of democracy will be provided.

He also called for continuous prayers, support and understanding, while reiterating his firm resolve in the task of building a more secure, transformed and prosperous state under his New Niger Agenda.

“I urge you all to continue to pray for leaders at all levels for a purposeful leadership. I reaffirm my commitment to the New Niger project, which is a possibility,” the governor stated.

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