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

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
Tinubu reforms are in the right direction but social security nets to helo people cushion the effect of his reforms are needed- Okonjo-Iweala

President Bola Tinubu had a closed door meeting the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, at the Aso Villa in Abuja today August 14.
Tinubu and Okonjo-Iweala were in a closed-door meeting at the nation’s political capital where they discussed trade matters as they relate to national, continental and global relevance.
After the meeting, the former Minister of Finance spoke to State House correspondents. She stated that the President’s economic policies are working and that it has been able to stabilize the economy.
In her words
‘’We (The WTO) think the President and his team have worked hard to stabilize the economy and you cannot improve on an economy unless it is stable so he has to be given the credit for stability of the economy. The reforms have been in the right direction, What is needed next is growth. We now need to grow the economy and we need to put in social safety net so that people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship’’
Politics
Kebbi ADC suspends state chairman, two others

The African Democratic Congress (ADC) in Kebbi State has suspended its chairman, Engineer Sufiyanu Bala, along with his deputy, Junaidu Muhammed Mudi, and the state secretary, Hauwa Muhammed.
Speaking to journalists in Birnin Kebbi, the party’s publicity secretary, Jamilu Muhammed, accused the Sufiyanu-led leadership of making decisions without consulting other executives.
“We address you today to announce the immediate suspension of Sufiyanu Bala, his deputy, and secretary Hauwa from the party with immediate effect,” he said.
Muhammed alleged that the suspended leaders allowed Abuja nomadic politicians to dominate the party, a move strongly opposed by the founding members.
“We will not, after tailoring the party to its present status, allow Abuja politicians to dominate it,” he added.
According to him, the decision came after an extraordinary meeting of loyal ADC members and stakeholders who have been with the party long before the coming of Abuja impostors.
The party has appointed Abdulrazaq Abubakar Isah Iko as interim chairman and Adamu Aliyu as acting secretary until a new congress is held.
The Kebbi ADC warned the suspended members to stop identifying themselves as party officials or carrying out activities in the party’s name.
It also condemned political gatherings organised by the suspended officials, saying such actions violate the Electoral Act.
Politics
Ekwunife blasts Soludo, says government House not his birthright

Deputy Governorship candidate of the All Progressives Congress, APC, in the November 8 governorship election in Anambra State, Senator Uche Ekwunife has warned Governor Soludo to get ready to hand over power, insisting that the government house is not his birthright.
Senator Ekwunife stated this while addressing party faithful in her country home in Nri, Anaocha Council area of the state where she described the administration of the governor as an abysmal failure in all round development and security of lives and property.
“Soludo and I are not at war, what is happening is that what he is currently holding is what we want. The constitution of Nigeria made it four year term for every elected governor. And if you do well, you will be re-elected but in the case of Soludo, it is obvious he has lost touch with governance and that is why APC has presented veritable platform for the people of the state to reclaim their state from APGA misrule.
“The governor, rather than concentrate on positive governance, has been going about crying like a baby, calling my name up and down and we are not losing sleep over his rantings. He has not done well to deserve a second term and that is why the state seems to be on autopilot for four years.
“I make bold to say that Soludo was smart to have hurriedly parked into the uncompleted Anambra State government House, which goes to tell his state of panicky mood of losing this election which is going to happen. But he has forgotten that government is a continuum and when one stops, another person takes over and that is why we presented a veritable alternative to Ndi Anambra.”
Also speaking during the programme, the former Minister of State, Science and Technology, Henry Ikoh described the governorship election in the state as very vital in order to connect the state to the mainstream politics of Nigeria and called for total and massive votes for the party and her candidates, Prince Nicholas Ukachukwu and Senator Uche Ekwunife.
Ikoh said the time for the party to clinch Anambra State has come with the massive mobilization of stakeholders across the state and county in general to support the party and ensure smooth victory in the November 8 governorship election.
-
Politics10 months ago
Mexico’s new president causes concern just weeks before the US elections
-
Business10 months ago
US court acquits Air Peace boss, slams Mayfield $4000 fine
-
Trending10 months ago
NYA demands release of ‘abducted’ Imo chairman, preaches good governance
-
Entertainment10 months ago
Bobrisky falls ill in police custody, rushed to hospital
-
Entertainment10 months ago
Bobrisky transferred from Immigration to FCID, spends night behind bars
-
Politics10 months ago
Russia bans imports of agro-products from Kazakhstan after refusal to join BRICS
-
Politics10 months ago
Putin invites 20 world leaders
-
Education12 months ago
GOVERNOR FUBARA APPOINTS COUNCIL MEMBERS FOR KEN SARO-WIWA POLYTECHNIC BORI