Connect with us

Politics

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

Published

on

Spread the love

 

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

South Sudan’s Government has postponed the 2024 election by two years until 2026.

Published

on

Spread the love

 

The country has not held national elections since it gained independence in 2011.

President Salva Kiir has ruled the country since 2011.

He has five Vice Presidents.

Continue Reading

Politics

Flood: Tinubu leaves Abuja for Borno

Published

on

President Bola Tinubu
Spread the love

 

President Bola Tinubu has departed Abuja to Borno State to express condolences and evaluate the impact of the recent floods in Maiduguri.

Recall that the president had directed his vice, Shettima to visit the Northern state while he was away in China.

Residents fled their homes following the devastating flood in the state capital.

The Alau Dam, which has been at full capacity for the past week, reportedly collapsed in the early hours of Tuesday.

The areas most affected include Fori, Galtimari, Gwange, and Bulabulin.

Wild animals, including snakes, crocodiles and ostriches, were flooded out of their enclosures at the state zoo and into the streets.

Usman Tar, the state commissioner for information and internal security, issued a flooding alert, urging the immediate evacuation of those living along the riverbanks.

NAN reports that the last time the dam collapsed was in 1994, which led to unprecedented flooding in Maiduguri, with nearly half of the town submerged.

Continue Reading

Politics

Ribadu threatens to sue PDP chair over election rigging allegation

Published

on

Ribadu
Spread the love

The National Security Adviser (NSA) Mallam Nuhu Ribadu has demanded retraction of the false and malicious allegation levelled against him by the Edo State chairman of the Peoples Democratic Party (PDP), Anthony Aziegbemi, that he was plotting to rig the upcoming governorship election in the state.

The party chairman had, in a statement widely circulated on Saturday, accused the federal government of scheming to rig the election. He also alleged that the NSA released $2 million to the candidate of the All Progressives Congress (APC) as part of the plot.

But in a letter addressed to the party chieftain dated September 15, 2024, the NSA demanded retraction of what the “totally false” allegation.

His lawyer, Marian Aigbedion of Charles Musa & Co, said the “malicious and libelous statement has brought our client into public disdain and odium.

“Your portrayal of our client as a corruption enabler and his office as an appendage of a political party willing to cause chaos in Edo State is entirely false and damaging to his reputation.

“As a renowned career police officer and pioneer Executive Chairman of the Economic and Financial Crimes Commission (EFCC), our client has consistently demonstrated integrity and a commitment to fighting corruption. It is inconceivable that he would be involved in such odious acts.”

Ribadu, therefore, asked Mr Aziegbemi to publicly apologise to him and retract the publication in its entirety.

He also demanded that the retraction statement should be published as “a full-page advertorial in at least five nationwide newspapers, ten reputable and well-read online news sites, seven national and international television stations and ten radio channels with national and international reach”.

The NSA also demanded the payment of N10 billion “as damages for reputational and other injuries.”

The lawyers informed the party chairman that failure to comply with the demands within seven days might compel them to take further steps, which could include legal action to enforce Ribadu’s rights.

Continue Reading

Trending