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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

Desist from making reckless statement on TV – Presidency blasts Ndume

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The Presidency has issued a stern warning to the lawmaker representing Borno South Senatorial District, Mohammed Ali Ndume, against what it described as reckless statement on television.

According to the presidency, such unguarded utterances made Senator Ndume, a former Senate Chief Whip not to command the respect of any right thinking person.

The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, while reacting to the allegations that a cabal has hijacked Tinubu’s government and that kleptocrats and kakistocrats dominate the administration, accused Ndume of making a sweeping statement without providing any scintilla of proof.

“Ndume is entitled to his opinion, as a lone-wolf opposition within the APC, though he most often gets his facts wrong or builds his thesis on a specious, faulty foundation.

“Like he lied about General Buratai being ambushed by terrorists. A ranking Senator making reckless statement on TV cannot command the respect of any right thinking person.

“His allegation that kleptocrats and kakistocrats dominate the government is just too sweeping. And he made it without providing any scintilla of proof.

“Kakistocrats? Does he know the word’s meaning, or does he just like bandying terms?

“This President has many competent aides, many of whom were accomplished professionals before coming to work for the government.

“And they are doing a damn good job, reengineering the country’s economy to ensure it is put on a solid foundation for sustainable growth,” Onanuga said.

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Former Minister of State for Mines and Steel Development, Dr. Uche Ogah, has declared his support for Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, in mobilizing voters and political structures in Abia State ahead of President Bola Ahmed Tinubu’s 2027 re-election bid.

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Former Minister of State for Mines and Steel Development, Dr. Uche Ogah, has declared his support for Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, in mobilizing voters and political structures in Abia State ahead of President Bola Ahmed Tinubu’s 2027 re-election bid.

During a visit to the Renewed Hope Partners (RHP) office in Umuahia on Saturday, Dr. Ogah announced his readiness to join forces with the Deputy Speaker and other stakeholders to build grassroots momentum for the President’s campaign across the South East.

“My brother and friend, we have always worked together, and I have come today to join forces with you to make Renewed Hope Partners a success in Abia State. We will put in everything we have — our resources, our social capital — to ensure that this renewed hope partnership is a success,” Dr. Ogah said.

He commended Deputy Speaker Kalu for his legislative efforts, particularly the bill establishing the South East Development Commission (SEDC), which addresses decades-long infrastructural neglect in the region.

In response, Rt. Hon. Kalu praised Ogah’s decision to align with the team, stressing the need for political unity and collaboration ahead of the polls.

“We need you on board with all the investments you have made in Abia politics. We are preparing for 2027 and will be touring the South East and beyond to showcase the President’s achievements,” Kalu remarked.

Observers see this partnership as a strategic step in consolidating the Renewed Hope agenda and expanding President Tinubu’s appeal across Abia State and the broader South East region.

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Gwandu Emirate tussle: Kebbi deputy gov reacts to Supreme Court judgment

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Kebbi State Deputy Governor, Senator Umar Abubakar Tafida, has reacted to the Supreme Court judgment affirming Alhaji Muhammadu Iliyasu Bashar as the rightful Emir of Gwandu.

In a statement issued on Thursday, Tafida congratulated the Emir on the verdict and described the ruling as a significant step toward restoring lasting peace and unity in the emirate.

Ekwutosblog gathered that the judgment, delivered on Wednesday, ended a two-decade legal battle that began with the removal of Al-Mustapha Haruna Jokolo in 2005.

 

The deputy governor urged all parties involved in the dispute to accept the court’s decision and work collectively toward stability and development in Gwandu Emirate.

He also cautioned residents in flood-prone areas of the state to take necessary precautions by relocating to safer grounds, citing the recent flood incidents in Niger State as a warning.

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