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N20trillion pension funds: We won’t break the law – FG
“Within this context, there is no attempt or no consideration to provide less safe investments for pension funds or even insurance funds or any investment funds that are made available,” the Federal Government, on Thursday, pushing back the story making the rounds that it is planning to pull out a whopping N20trillion from the National Pensions Fund (NPF) to fund some capital projects.
The move was credited to Wale Edun, Minister of Finance and Coordinating Minister of the Economy (MOFACMOTE), whose comments after a Federal Executive Council (FEC) meeting on Wednesday.
The comments, had sparked off immediate reactions, mostly apprehension and outrage from Nigerians, who railed against the move, with Atiku Abubakar, former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, describing it as a fraud.
Against the rash of intense outrage, Edun, himself pushed back on matter, using the X platform of his Ministry to clarify on the contentious comments, stating that there was no plan by the government to pull out the said amount illegally.
His words: “It has come to my notice that stories are making around that the federal government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be further from the truth. The pension industry, like most of the financial industry, is highly regulated. There are rules, limitations about what pension money can be invested in and what cannot be invested in.
“The federal government has no intentions whatsoever to go beyond those limits or go outside those bounds which are there to safeguard the pension of workers. What was announced to the federal executive council (FEC) – merely for noting, no approval was sought for, or any action whatsoever – was that there was an ongoing initiative, drawing in all the major stakeholders in the long-term savings industry, those that handle funds and are available over a long period.
“To see how within the regulations and laws, these funds could be used maximally, most effectively to drive investment in key growth areas, infrastructure, housing, and of course, to find a way to provide Nigerians with affordable mortgages.
“No attempt whatsoever to increase the risk, to lower the returns that would otherwise be earned. We must remember that the federal government possesses the ability to provide guarantees where stocks are needed to unlock funding that will lead to growth, the creation of jobs and the alleviation of poverty.
“The initiative is an ongoing conversation, a challenge, a test for the best and the brightest in the financial industry to come up with solutions that whilst safeguarding the long-term savings, we do provide an avenue that can help the economy.”
Unlike in other cases, security operatives in Nigeria have upped the ante by adding the arrest of perpetrators to the menu of rescue operations, with the announcement of the capture of eight terrorists who participated in the abduction of school teachers and students in Oyo State on May 15.
All the 46 pupils, students and teachers abducted by terrorists from three schools in Oriire Local Government Area of Oyo State, regained their freedom on Friday, after about 56 days in captivity, with several others reportedly also neutralised during the operation.
Giving a clue of what transpired during the operation, Bayo Onanuga, who broke the story of the feat, said it was the outcome of sustained security operations, which also foiled the attempt by the abductors to secure the release of one of their captured leaders.
Onanuga, Special Adviser to the President on Information and Strategy, using his X handle to give details about the operation, said: “Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies. In the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised.”
“There was no quid pro quo in the rescue as one of the terrorists, a kingpin, that the kidnappers demanded his release, is being prosecuted for his atrocities. The security agencies will give full account soon.”
The victims were abducted on May 15 when heavily armed bandits attacked Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School in the Esiele and Yawota communities of Oriire Local Government Area, seizing dozens of pupils, students and teachers.
The abduction sparked nationwide outrage, with parents, labour unions, traditional rulers and civil society groups mounting sustained pressure on the authorities to secure the victims’ release.
The incident also triggered an indefinite strike by the Nigeria Union of Teachers in Oyo State over growing insecurity in schools.
President Bola Tinubu had condemned the attack and ordered security agencies to intensify intelligence-led operations to rescue the captives and bring the perpetrators to justice.
The President subsequently dispatched a high-powered Federal Government delegation to the affected communities, approved the deployment of specialised rescue assets and authorised the recruitment of 1,000 forest guards to strengthen security across Oyo State.
For the umpteenth times in recent months, President Bola Tinubu, was on Thursday, again locked in a crucial meeting with security chiefs at the Presidential Villa in Abuja to review the security situation across the country, with the duo of Christopher Musa, Minister of Defence and Nuhu Ribadu, the National Security Adviser (NSA), leading the other Service Chiefs to the parley.
Channels Television, reports that each agency heads, briefed the President on ongoing efforts and strategies aimed at tackling insecurity in different parts of the nation, while acknowledging improvement in the security situation in Nigeria with a resolve to build on the current achievements.
While they agreed that Intelligence will continue to play a critical role in the security arena of the nation, the security bosses, were said to have also resolved to strengthen collaboration with neighbouring countries for greater results at the meeting, which held behind closed doors.
The report indicated that Thursday’s meeting was coming amid renewed moves by the Nigerian government to address insecurity across the country. President Tinubu had already sent the bill for the establishment of state police to the National Assembly as part of measures to restore stability to troubled zones and secure Nigeria.
Apparently not swayed by the rumble in informed political quarters over the Muslim-Muslim ticket in the Presidential Villa, Abuja, President Bola Tinubu, has sworn his readiness to swim and sink with Kashim Shettima, as Vice President in the 2027 presidential election.
The President rested the issue of retaining or dumping the VP, which has been a subject of intense speculations over several months now, when he forwarded the name of the former Governor of Borno State for the Aso Rock Villa’s joint ticket on the platform of the All Progressives Congress (APC).
The ruling party forwarded the names of the duo on Friday to formalise its presidential ticket for the 2027 general election, brushing aside contentions that unlike the 2023 edition, such a ticket might not fly this time.
Nentawe Yilwatda, APC National Chairman, received the duly completed nomination forms for both Tinubu and Shettima from Ibrahim Masari, the Special Adviser to the President on Political Matters, at a colourful ceremony at the Ladi Kwaki International Conference Centre of Abuja Continental Hotel, Abuja, for onward transmission to the Independent National Electoral Commission (INEC) portal.
The high-profile ceremony drew heavyweights from across the party, including members of the Progressive Governors’ Forum (PGF) led by Imo State Governor Hope Uzodimma, representatives from the National Assembly, the Federal Executive Council (FEC), and state party chairmen.
Welcoming dignitaries to the brief but solemn ceremony, APC National Organising Secretary Sulaiman Muhammad Argungu noted that the event was the natural climax of a highly transparent internal process.
“The presidential flag bearer emerged through a thoroughly transparent primary process,” Argungu said, while praising President Tinubu’s “positive strides” and urging party faithful to remain united, prayerful, and steadfast.
The ceremony culminated in the presentation of the completed nomination forms for the President and his running mate by the Presidential Adviser, Masari, who was accompanied by all the governors in attendance, members of the National Assembly and the Federal Executive Council (FEC).
Reinforcing the governors’ total commitment to the ticket, PGF Chairman Governor Hope Uzodimma stated that the transparent nature of the primaries had made marketing the candidates seamless.
Uzodimma, said: “We are delighted that this event is coming after a well-organised and thoroughly supervised primary process. We reiterate our commitment to continue supporting President Tinubu and the party.”
Describing the APC as a beacon of internal democracy and inclusiveness, promising that the governors would spearhead a total clean sweep at the polls, he added: “We will continue to support him in the larger interest of Nigerians and to take the country to greater heights. Together, we are going to deliver victory for President Tinubu and ensure the party wins all elective positions, including the National and State Assemblies.”
On his part, Yilwatda stated that the revalidation of the Tinubu-Shettima ticket represents the authentic heartbeat of the party’s grassroots, adding: “Today is a reflection of the wishes of over 12 million members of our party who supported the President’s candidature,” Yilwatda remarked. “We are proud of the support already in the kitty of President Tinubu, and we are convinced that many more Nigerians will vote for him.”
The APC boss, while pointing to key initiatives such as the student loan scheme—which he noted has already benefited over 1.5 million students—alongside targeted agricultural interventions and nationwide infrastructure projects as verifiable proof of performance, urged members to return to their local communities armed with facts rather than rhetoric to dismantle opposition narratives.
His words: “While others are busy spreading propaganda, let us counter them with facts. Nigerians have seen governance that touches lives across the six geopolitical zones. APC holds a distinct institutional advantage over its rivals, being the only political platform in the country backed by a fully digitalised and verified membership database.
“We already have about 12 million verified members. We are going round the country to mobilise support for the President. I am also confident that our governors will compete among themselves to deliver the highest number of votes.
“Go and tell the leader of our party (President Tinubu) that our members and Nigerians will vote for him to continue the excellent work he is doing. As a party, we are proud to be presenting the best candidate. There is no shaking at all. Come 2027, our victory is assured.”
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