In response to recent criticisms and concerns, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has firmly stated that the Federal Government has no intention of unlawfully accessing pension funds which is contrary to speculations.
The controversy arose after former Vice President, Atiku Abubakar, expressed his disapproval of Edun’s announcement that the government aims to stimulate economic growth by unlocking N20 trillion from the nation’s pension funds and other sources to finance vital infrastructure projects nationwide.
The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) also lodged a petition against the government’s borrowing plans, threatening potential consequences if the pension fund was tampered with.
However, Edun clarified on Wednesday that there is no such plan to access the pension funds unlawfully.
The NLC and TUC submitted a joint letter to the Minister of Finance, emphasizing that the Pension Reform Act of 2014, as amended, does not permit such borrowing. They vehemently expressed their determination to resist any action that undermines the retirement savings of Nigerian workers.
The letter, signed by the President of NLC and the Deputy President of TUC, Joe Ajaero and Dr. Tommy Okon, respectively, highlights the concerns of organized labor regarding the potential impact on the financial security of workers.
Amidst the ongoing controversy, the government remains committed to its denial of any illegal access to pension funds.
The situation calls for a careful examination of the relevant legislation and a collaborative effort to address the concerns raised by the NLC and TUC, ensuring the protection of workers’ retirement savings while also addressing the nation’s infrastructure needs.
