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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

ADC moves to take over Imo, begins membership drive

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The African Democratic Congress (ADC), Imo State has bowed to take over Imo State in the 2027 elections.

The party in order to achieve it’s target has set up mechanism to admit individuals from other political parties who share its values and vision

The chairman of ADC in Imo State, Prof.James Okoroma stated this in a statement made available to newsmen, in Owerri on Tuesday.

Prof. Okoroma highlighted that the party is committed to good governance and promises to run an all-inclusive administration.

He said: “ADC welcomes individuals who share its values of progress, development, discipline, integrity, and honesty. ADC marks a new beginning, ending politics driven by corruption and deceit.”

He extended hand of fellowship to politicians to join the ADC, while assuring a level playing groud.

The 2023 governorship candidate of the party called citizenry to support and enrol with the party, assuring good governance as a reward for loyalty and consistency.

He explained that ADC’s consolidated agenda is tailored towards attracting like-minded persons and build strong and viable visibility across the geo political zones.

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We are calling on Governor Alex Otti to leave Labour party, ignore ADC and return to his political home, APGA, where he started—-APGA National Vice Chairman South-East

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The National Vice Chairman, South East, of the All Progressives Grand Alliance, APGA, Augustine Ehiemere, has urged Abia State Governor, Alex Otti, to return to APGA, describing it as his true political home and the most stable platform for delivering sustainable governance.

Ehiemere made the call during the Abia South Senatorial District APGA stakeholders’ meeting held in the state last week.

It would be recalled that Alex Otti was the governorship candidate of APGA in Abia State in the 2015 and 2019 elections. The APGA National Vice Chairman, South East, appealed to the governor to resist the temptation of aligning with other political parties, which he said are unstable.

“APGA remains the healthiest and most stable political party in Nigeria today,” Ehiemere stated.

“We are calling on Governor Alex Otti to return to his political home, APGA, where he started.
Labour Party is presently a breeding ground for crisis. ADC is almost in disarray, APC is not a safe ground for him, and PDP has already diminished. APGA is the only platform that offers stability and ideological consistency for him to continue his good works,”

He commended Governor Otti’s performance in office, particularly in the area of security and welfare, and supported the collaboration between the Abia governor and his Enugu State counterpart, Peter Mbah, as well as the establishment of the Abia State Security Trust Fund.

 

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Buhari: He sent DSS to my house at midnight, I’m still alive – Igboho

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Yoruba nation agitator, Sunday Adeniyi Adeyemo, popularly known as Sunday Igboho has reacted to the death of former President, Muhammadu Buhari.

Igboho in a viral video, recounted how the former president allegedly ordered officers of the Department of State Services, DSS, to invade his residence at midnight.

Igboho, who claimed that the invasion was aimed at taking him out, also alleged that the former president colluded with some Yoruba indigenes.

He said, “I thank God for my life today, see life! The man that sent DSS to come and kill me in the middle of the night on July 4th 2021 has died today.

“My people, we are supposed to learn from this. That man, Muhammadu Buhari is dead, but I’m alive today. I thank God for my life.

“The man that ganged up with some stupid Yoruba people came to my house to take my life but God said no”.

Ekwutosblog reports that the former Nigerian leader died on Sunday in London after a brief illness.

His remains are expected to arrive in the country for immediate burial in Daura, Katsina state on Monday. 

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