FG debunks rumoured plan to borrow from pension fund for infrastructural development
The federal government has denied reports that it planned to borrow N20 trillion from the pension fund to develop the infrastructure.
Wale Edun, The Minister of Finance and Coordinating Minister for the Economy, made the denial in a statement on Thursday.
Edun was quoted to have made the remarks immediately after the Federal Executive Council (FEC) meeting in Abuja on Wednesday,
He, however, denied the report, saying the federal government had no such intention.
“It has come to my notice that there are reports making the rounds that the federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth than this
“The pension industry, like most of the financial industry, is highly regulated. There are rules. There are limitations about what pension money can be invested in,” the statement said.
