On Thursday, the federal government denied a media report that it plans to borrow money from the N20 trillion pension fund to finance infrastructure improvements.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of Economy, made this known in a statement in Abuja where he reported that the federal government would comply with the established rules and regulations governing the pension fund.
According to reports, the minister told journalists that the government would present a plan to use local funds, including the fund, to finance infrastructure development on Tuesday after the Federal Executive Council met for two days at the Presidential Villa.
However, in a statement on Thursday in Abuja, Edun pointed out that the pension industry, like other financial sectors, is strictly regulated by particular legal frameworks.
He emphasised that the government was dedicated to protecting workers' pensions and stated that the federal government had no intention of going beyond these legal limits.
"It has come to my notice that stories are making the round that the Federal Government plans to access workers' hard-earned savings and pension contributions illegally. Nothing could be farther from the truth.
"The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.
"The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard workers' pensions.
Click link to read full news: https://www.investingport.com/pension-funds-safe-from-government-interference-wale-edun/