In a stern statement released on Wednesday, Atiku Abubakar, the former vice president and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, cautioned the government led by President Bola Ahmed Tinubu against straying from the provisions of the Pension Reform Act of 2014 (PRA 2014) and the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). Atiku emphasized the importance of safeguarding Nigeria’s Pension Funds Asset.
The statement comes in response to recent remarks by the Finance Minister and Coordinating Minister of the Economy, Wale Edun, suggesting the utilization of N20 trillion from the nation’s pension funds and other sources to finance critical infrastructure projects across Nigeria.
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Atiku strongly criticized the proposal, labeling it as a misguided initiative with potentially disastrous consequences for retired Nigerians who rely on their pensions for livelihood. He stressed the need for the government to adhere strictly to the regulations governing pension fund investments, including the limitation on infrastructure investments to no more than 5% of total pension funds’ assets.
Pointing out that as of December 2023, total pension funds assets stood at approximately N18 trillion, with the majority invested in FGN Securities, Atiku refuted the notion of readily available pension funds exceeding the prescribed investment limits.
He urged the government to refrain from engaging in any actions that contravene existing regulations and emphasized the importance of introducing reforms to attract private investment and address the challenges of infrastructure development in Nigeria effectively. Atiku underscored the need for transparency, accountability, and adherence to legal frameworks in managing the nation’s pension assets.
