The Nigerian government, led by President Bola Tinubu, has firmly denied allegations that it plans to “illegally access” workers’ savings and pension contributions.
Recent media reports had suggested that the government intended to halt workers’ pension and life insurance contributions to fund infrastructure projects in the country.
In response to these reports, Wale Edun, the Minister of Finance and Coordinator of the Economy, clarified the situation in a video released by the ministry on Thursday.
Edun assured citizens that the government has no intention of unlawfully accessing workers’ savings and pensions. He emphasized that the pension industry, like much of the financial sector, is highly regulated with strict rules and limitations on how pension funds can be invested.
Edun stated, “It has come to my notice that there are stories circulating 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 is governed by regulations designed to protect workers’ pensions.”
He further explained that the recent discussions were purely informational and no approvals for any actions had been sought.
“There was no approval sought for any action whatsoever. What was discussed was merely for information. The initiative involves all major stakeholders in the long-term savings industry, exploring how funds could be used most effectively within existing regulations to drive investment in key growth areas such as infrastructure, housing, and to provide affordable mortgages for Nigerians,” Edun said.
Edun also reassured that there was no intention to expose pension funds to higher risks or lower returns. “There is no attempt or consideration to provide less safe investments for pension or insurance funds, or any investment funds. The Federal Government can offer guarantees to unlock funding for growth, job creation, and poverty alleviation when needed.”
He concluded by highlighting the ongoing nature of these discussions. “This is an ongoing conversation, challenging the financial industry’s best minds to find solutions that safeguard long-term savings while also boosting economic growth,” Edun said.
