The National Economic Council is considering the possibility of investing N2trn from pension funds to finance critical infrastructure projects like roads, rail and electricity. This was an outcome of yesterday’s NEC meeting chaired by Vice President Yemi Osinbajo.

Governor Atiku Bagudu of Kebbi State, who addressed journalists after the meeting, recalled thatthe Kaduna State Governor Nasir el-Rufai-led committee was constituted by the NEC on November 21, 2019 to consider how a portion of the pension funds could be invested through the Nigerian Sovereign Investment Authority.

Bagudu said 20 percent of the pension funds could be used for infrastructure development as provided for by the Pensions Reform Act. He said an interim report of the sub-committee had identified critical development areas where the fund could be useful. “Of particular note was that other countries have been using the same mechanism – South Africa, Saudi Arabia and others have been using their pension funds and sovereign wealth authorities investment process to create platform for development. “So, the committee has reported and identified potential road infrastructure, infrastructure in the power, rail sectors that can be funded through this mechanism.

“They noted that this year’s budget for example has N169 billion for roads across the federation and is grossly inadequate but with this mechanism maybe up to N2 trillion can be accessed and leverage upon,” he said. The Minister of Finance, Zainab Ahmed, said deductions from states’ accounts as part of the ongoing repayment process had continued regarding the budget support facilities; while remittances on the facilities were being made to the Central Bank of Nigeria.

“Today, the Ministry of Finance, Budget and National Planning reported to the 100th National Economic Council on the balances of some key accounts. “For the Excess Crude Account, as at 19th November, 2019, we have a balance of $324,967,933.72. In the Stabilisation Account, as at 17th of December, 2019, we have a balance of N30, 479, 704,808. In the Natural Resource Fund, still at the same date, 17th of December, 2019, we have the balance of N88,283,218,114.40,” she said.

Read more: https://www.dailytrust.com.ng/nec-seeks-n2trn-from-pension-assets-to-fund-infrastructure.html

This is bad ,they should pay this pensioner inside of using there money for other things else

Never seen a wicked government as this... Tot they wanted to collect loan.

It doesn't come as a shock to me.

Cheap sources of funds are a great way to help bridge our infrastructure deficit. Kudos to VP Osinbajo and the state governors

zakim:
The National Economic Council is considering the possibility of investing N2trn from pension funds to finance critical infrastructure projects like roads, rail and electricity. This was an outcome of yesterday’s NEC meeting chaired by Vice President Yemi Osinbajo.

Governor Atiku Bagudu of Kebbi State, who addressed journalists after the meeting, recalled thatthe Kaduna State Governor Nasir el-Rufai-led committee was constituted by the NEC on November 21, 2019 to consider how a portion of the pension funds could be invested through the Nigerian Sovereign Investment Authority.

Bagudu said 20 percent of the pension funds could be used for infrastructure development as provided for by the Pensions Reform Act. He said an interim report of the sub-committee had identified critical development areas where the fund could be useful. “Of particular note was that other countries have been using the same mechanism – South Africa, Saudi Arabia and others have been using their pension funds and sovereign wealth authorities investment process to create platform for development. “So, the committee has reported and identified potential road infrastructure, infrastructure in the power, rail sectors that can be funded through this mechanism.

“They noted that this year’s budget for example has N169 billion for roads across the federation and is grossly inadequate but with this mechanism maybe up to N2 trillion can be accessed and leverage upon,” he said. The Minister of Finance, Zainab Ahmed, said deductions from states’ accounts as part of the ongoing repayment process had continued regarding the budget support facilities; while remittances on the facilities were being made to the Central Bank of Nigeria.

“Today, the Ministry of Finance, Budget and National Planning reported to the 100th National Economic Council on the balances of some key accounts. “For the Excess Crude Account, as at 19th November, 2019, we have a balance of $324,967,933.72. In the Stabilisation Account, as at 17th of December, 2019, we have a balance of N30, 479, 704,808. In the Natural Resource Fund, still at the same date, 17th of December, 2019, we have the balance of N88,283,218,114.40,” she said.

Read more: https://www.dailytrust.com.ng/nec-seeks-n2trn-from-pension-assets-to-fund-infrastructure.html

The wicked man after spending all our savings is now ready to end our pension savings with his bad leadership next thing now he will deep his filthy bloody fingers into our saving ... Buhari is no leader but a failure ...Ladies and gentlemen say good bye to the Pension Contributory Scheme

So what becomes of the pensioners-whom many have died waiting for their entitlements while the now arrested Abdulrasheed Maina is already chilling in VIP detention?
Why is everyone under this cursed regime inherently wicked like this?

Even VP Osinbajo knows as the Holy Bible said "a workman is worthy of his wage" hence the good Lord said if they're oppressed & cried out to Him,He will avenge them of their oppressors.

So why will he chair a meeting that takes this kind of inhuman decision? Where are all the so called recovered funds or monies from revenue generations as being mouthed daily by the govt?

Our sins are full as a country, God is punishing us with this regime

God forbid bad thing... invest people's pension lai lai abeg borrow from china like other countries do or go to saudi



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