Stats: 3,191,902 members, 7,945,903 topics. Date: Wednesday, 11 September 2024 at 09:02 AM |
Nairaland Forum / Nairaland / General / Politics / FG Dumps Plan To Borrow N2trn From Pension Fund (428 Views)
FG Dumps N16 Trillion Railway Projects For N2.6trn Lagos-calabar Coastal Road —I / BREAKING: Buhari Makes U-turn, Dumps Plan To Pick Preferred Successor / FG Dumps Plastic I.D Card For Digital Identification (2) (3) (4)
FG Dumps Plan To Borrow N2trn From Pension Fund by deltaboyo1: 12:50pm On Feb 25, 2020 |
The Federal Government may have bowed to mounting opposition from labour and other stakeholders against its plan to borrow N2tr from the nation’s N10tr pension assets to finance yearning gaps in infrastructure. Fielding questions when she met with capital market stakeholders on Monday in Lagos during a visit to the Nigerian Stock Exchange (NSE), Minister of Finance, Budget and Planning, Mrs. Zainab Shamsuna Ahmed said; “we won’t borrow from pension fund assets.” Recall that the Vice President, Yemi Osinbajo, had, while chairing a recent meeting of the National Economic Council (NEC), said the Federal Government had concluded plans to borrow the said amount. But Labour leaders like the President of the ULC, Joe Ajaero, was recently quoted as saying Nigerian workers do not have confidence in the sincerity of politicians to deliver on the area of safety of their life-savings when it is entrusted into their hands. Also responding to the need for pension fund administrators to deepen their play in the stock market and act as a stabilizer, Mrs Ahmed canvassed the need for incentives that would attract PFAs to the market. The Minister said; “pension funds are very sensitive, so we have to be careful,” recalling that the enabling regulation allows them to invest up to 20% of their funds in stocks. She said the government was already developing some long-term instruments to enable pension administrators to invest their funds without contravening provisions of the Pencom Act. The Minister spoke of the government’s readiness to work with capital market stakeholders to create incentives capable of attracting government parastatals and large corporate organisations to utilize the capital market for debt and equity issuance. Welcoming the Minister to the NSE, Oscar Onyema, the chief executive, said beyond supporting the “capital raising efforts of government through innovative products such as the Green Bonds, the NSE had also developed a framework that supports the issuance, listing, and trading of tax credits; in order to complement the Road infrastructure development and refurbishment investment scheme.
|
Re: FG Dumps Plan To Borrow N2trn From Pension Fund by Nobody: 12:52pm On Feb 25, 2020 |
If only the rate of borrowing was commensurate with development... 1 Like |
Re: FG Dumps Plan To Borrow N2trn From Pension Fund by Hyperchi(m): 1:40pm On Feb 25, 2020 |
Soon if they succeed they we create a new pension law to kill pensioners |
Re: FG Dumps Plan To Borrow N2trn From Pension Fund by ursullalinda(f): 1:41pm On Feb 25, 2020 |
Finally they decided to borrow sense and listen to the masses.....borrow borrow government with nothing to show for it. |
Re: FG Dumps Plan To Borrow N2trn From Pension Fund by Villagemeat: 3:26pm On Feb 25, 2020 |
They will still borrowed. |
(1) (Reply)
Unbelievable: Lamido Sanusi Dethrone Is A Family Curse Right From 1963 From The. / Who Exactly Do Y'all Want As President.. / Existing Virus That Nobody Care About.
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 15 |