A Former Vice President of Nigeria, Atiku Abubakar, has criticized the federal government’s proposal to use N20 trillion from pension funds for infrastructure projects, labeling the plan as illegal.
In a statement on Wednesday, the ex vice president said on his X account the that the law only required that 5% of the fund to be used for infrastructural projects.
Abubakar expressed concerns over the proposal by Wale Edun, the Minister of Finance, to “unlock” pension funds for national projects.
He argued that such a move could have severe repercussions for the country’s workforce.
According the him, diverting these funds, which consist of the savings of diligent workers relying on their pensions in retirement, could disastrously affect the lives of countless Nigerians who have retired after years of service.
Meanwhile, the PDP former presidential candidate called on the federal government to seek alternative reforms to address the infrastructural deficits in the country.
He said Edun must restore the confidence investors to drive key investments, rather than relying on the pension of hard-earned working Nigerians.
Earlier on Tuesday, The federal government unveiled plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.