Minister of Finance, Wale Edun, has rebuffed allegations suggesting that the Nigerian federal government intends to tap into N20 trillion from the Pension Fund for infrastructure projects. In a press release issued in Abuja on Thursday, Edun emphasized the government's commitment to adhering to established regulations governing pension funds, reassuring that there were no plans to overstep these legal boundaries.

Highlighting the rigorous regulatory framework governing the pension industry, Edun underscored its similarity to other sectors within the financial domain. He reiterated the government's dedication to upholding these regulations to safeguard the interests of workers' pensions.

Edun's response comes in the wake of widespread public outcry following the government's earlier announcement of purported plans to utilize the N20 trillion pension funds for infrastructure development. Addressing the public concern, Edun clarified, "It has come to my notice that there are stories making 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."

He further explained that discussions within the government, including those at the federal executive council, aimed to explore avenues within existing legal frameworks to maximize the utilization of pension funds for investments in strategic growth sectors. Edun asserted, "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."

Additionally, Edun shed light on ongoing dialogues within the financial sector involving key stakeholders to devise innovative funding mechanisms for stimulating economic growth, job creation, and poverty alleviation. He emphasized that these discussions did not involve compromising the safety or increasing the risk associated with pension fund investments.

Edun concluded by stating that the ongoing conversation within the financial industry presents a challenge and an opportunity for the best minds to develop solutions that, while safeguarding workers' long-term savings, also contribute to economic growth.

The Minister's statement aims to allay fears and clarify the government's position amidst mounting concerns over the management and utilization of pension funds for national development initiatives.

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