General News of Thursday, 16 May 2024

Source: www.mynigeria.com

Don't touch my money — Rufai Oseni fires as govt plans to borrow N20trn pension fund for infrastructure development

Popular on-air personality, Rufai Oseni has joined the growing number of Nigerians who have faulted the federal government's plan to use N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country.

Oseni, who was reacting to the press conference by Finance Minister and Coordinating Minister of the Economy, Wale Edun, urged the government not to touch his "money" adding "don't touch my future."

Edun, in a presser after the Federal Executive Council (FEC) meeting chaired by President Bola Ahmed Tinubu on Tuesday, May 14, disclosed that the government was "focused on tapping into domestic financial resources, particularly pension and life insurance funds, to leverage local funds for national growth."

This news has, however, been met with resistance on traditional media and on social media. Reacting to the reports on What's Trending with Ogy Okpe, Rufai said: "This matter concerns me because I have my money in that 20 trillion naira. Please don't touch my money. Don't touch my future, I beg you. If you cannot get money to run a nation, that is your problem. You campaigned that you were going to get money to run the nation effectively."

"The law talks about 5 per infrastructure. You don't want to hedge the future of workers that you can't even pay 70,000 naira. Pensions that are already very low. Don't touch it!"

The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubakar, warned the government of President Bola Ahmed Tinubu 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).

The former vice president disclosed this in a statement he signed on Wednesday.

Reacting in a statement, Atiku condemned the move, noting that 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 after retiring from service.

Excerpts of his statement read, "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 after retiring from service."

“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.”