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Minister Dismisses Allegation Of Misuse Of Pension Fund
The Minister of Finance, Wale Edun, yesterday, refuted allegations that the Federal Government is planning to utilize N20 trillion from the Pension Fund for infrastructure projects.
The Minister, in a press statement in Abuja, yesterday, underscored the government’s adherence to established regulations governing pension funds, assuring that there were no plans to transgress these legal boundaries.
Edun highlighted the stringent regulatory framework governing the pension industry, akin to other sectors within the financial domain.
He reiterated the government’s commitment to upholding these regulations to safeguard the interests of workers’ pensions.
The Minister’s remarks came in response to widespread public outcry following the government’s earlier announcement of its purported plans to tap into the N20 trillion pension funds for infrastructure development initiatives.
Addressing the public concern, Edun emphasized, “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.”
Edun clarified that the government’s discussions, including those held at the Federal Executive Council, were centered on exploring avenues within the existing legal frameworks to maximize the utilization of pension funds for driving investments in strategic growth sectors.
“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,” he asserted.
Moreover, Edun shed light on the ongoing dialogues within the financial sector, involving key stakeholders, to explore innovative funding mechanisms aimed at stimulating economic growth, job creation, and poverty alleviation.
He emphasized that these discussions did not entail compromising the safety or increasing the risk associated with pension fund investments.
“It is an ongoing conversation, a challenge and a test for the best and brightest in the financial industry to come up with solutions that while safeguarding the long-term savings of workers, do provide an avenue that can help to boost growth in the economy,” Edun concluded.
The Minister’s statement sought to allay fears and clarify the government’s stance amidst mounting concerns over the management and utilization of pension funds for national development initiatives.
News
COAS Tasks Troops To Dominate Battlespace, Intensify Offensive In N/Central
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
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Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West
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Navy Upgrades Training, Infrastructure To Tackle Security Threats
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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