In response to circulating rumors, the Federal Government has emphatically denied any intentions to illegally access the hard-earned savings and pension contributions of workers.
This clarification comes amidst concerns raised by various quarters regarding the safety and security of pension funds.
The Finance Minister, Wale Edun addressed the issue, stating, “The pension industry, like most 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.”
He emphasised that the government is committed to upholding these regulations to safeguard the pensions of workers.
Furthermore, Edun reiterated the government’s stance, asserting, “The federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers.”
He clarified that recent discussions within the federal executive council centered around initiatives aimed at optimising the utilisation of pension funds within the confines of existing regulations and laws.
He elaborated, “What was announced to the federal executive council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws, these funds could be used maximally to drive investment in key growth areas.”
The statement aim to allay fears and reassure workers about the integrity of their pension funds.
The government affirmed its commitment to transparency and adherence to regulatory frameworks governing the management of pension assets.
Chioma Kalu
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