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Tinubu Govt Dispels Plan to Illegally Access Workers’ Pension, Savings

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The Bola Tinubu administration has addressed circulating rumors about an alleged plan to access the salaries and pension contributions of Nigerian workers for infrastructure development.

This clarification follows reports earlier this week that suggested the government was planning to tap into pension and life insurance funds for such purposes.

Finance Minister and Coordinator of the Economy, Wale Edun, firmly denied these claims, emphasizing that the government will not engage in any illegal activities concerning workers’ savings and pensions.

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“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,” Edun stated. “Nothing could be further from the truth.”

Edun underscored the stringent regulations governing the pension industry, noting that there are clear rules and limitations on how pension funds can be invested.

“The pension industry, like most of the financial industry, is highly regulated. There are rules, there are limitations about what pension money can be invested in and what it cannot be invested in,” he said. “The Federal Government has no intention whatsoever to go beyond those limits and go outside those bounds which are there to safeguard the pensions of workers.”

Clarifying the nature of the discussions that sparked the rumors, Edun explained that the conversations were merely informational and no approvals for any actions were sought. “Merely for noting; merely for information, no approval was sought for any action whatsoever,” he explained.

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“What was discussed was an ongoing initiative drawing in all the major stakeholders in the long-term savings industry to see how, within the rules, these funds could be used maximally and most effectively to drive investment in key growth areas such as infrastructure, housing, and providing Nigerians with affordable mortgages.”

Edun reassured the public that there is no intention to compromise the safety or returns of pension funds. “There’s no attempt or no consideration to provide less safe investments for pension funds or even insurance funds or any investment funds that are made available,” he said.

“No attempt whatsoever to increase the risk, no attempt whatsoever to lower the returns that would otherwise be earned.”

He highlighted the federal government’s capacity to provide guarantees to unlock funding necessary for economic growth, job creation, and poverty alleviation.

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“The Federal Government possesses the ability to provide guarantees where such are needed in order to unlock funding that would lead to growth, creation of jobs, and the alleviation of poverty,” Edun stated.

In conclusion, Edun framed the discussions as part of an ongoing challenge for the financial industry to find innovative solutions that safeguard long-term savings while promoting economic growth.

“It is an ongoing conversation, a challenge, a test for the best and the brightest in the financial industry to come up with solutions that, whilst safeguarding the long-term savings, do provide an avenue that can help to boost growth in the economy.”

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Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs

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President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.

The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”

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“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.

Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.

Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.

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Plateau Assembly approves N5.8bn for LG election

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The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.

The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.

The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.

A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.

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The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”

He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”

“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”

The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.

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Enugu, Kwara tighten security ahead of LG polls

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Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.

In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.

However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.

Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.

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Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.

The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.

In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.

Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.

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The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.

Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.

The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.

The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.

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Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.

Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.

He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.

Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.

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He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.

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