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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.

Breaking: Court Backs CBN, Orders Banks to Collect Customers’ Social Media Handles*

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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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Tinubu confesses, says corruption can’t be eradicated in Nigeria

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President Bola Tinubu has reaffirmed his stance on removing the fuel subsidy, describing it as a necessary step to secure Nigeria’s financial future. Speaking during his first live presidential media chat broadcast nationwide on Monday, Tinubu acknowledged the challenges of combating corruption but emphasized that systemic flaws must be addressed to reduce it.

Corruption: A Persistent Challenge

The president admitted that while corruption cannot be entirely eliminated, it can be minimized through strategic measures.
“Block all the loopholes, where anybody can just gain in the system. Part of the anti-corruption is the removal of subsidy too. It is very, very difficult to say you will eliminate it, but you can reduce it to the barest minimum,” Tinubu said.

He further stressed the need to meet citizens’ needs, support education, and improve living standards as part of his administration’s efforts to combat corruption.

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Fuel Subsidy Removal: No Regrets

President Tinubu stood by his decision to remove the fuel subsidy, arguing that the policy was unsustainable and a drain on Nigeria’s resources.
“We are spending our future. We are spending our generation’s fortunes. We are not investing. We are just deceiving ourselves,” he said.

The president warned that maintaining the subsidy would lead to financial disaster, not just for the current generation but for future ones.
“I don’t have any regret in removing the fuel subsidy. We have no choice. Otherwise, we are headed for the slippery slope,” Tinubu concluded.

Stampede Tragedies: Organisers at Fault

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During the chat, Tinubu also addressed the recent fatal stampedes in Ibadan, Anambra, and Abuja, which claimed over 60 lives during palliative distributions. He described the incidents as a “grave error” on the part of the organisers.

“I’ve been giving to the less privileged at Bourdillon for the past 25 years, and we’ve never experienced a stampede,” the president said.

The Federal Capital Territory Police Command confirmed that 10 individuals, including four children, died in a stampede during a food distribution event at Holy Trinity Catholic Church, Maitama, Abuja, on Saturday. Similarly, in Ibadan, 32 children lost their lives in a similar incident, as reported by PUNCH Online.

Tinubu extended condolences to the families of the victims and advised against publicizing events when resources are insufficient to meet demand.

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Conclusion

President Tinubu’s media chat highlighted the tough decisions his administration is making to address systemic challenges, including corruption and economic sustainability. While acknowledging the difficulties, he reaffirmed his commitment to reforms aimed at securing Nigeria’s future.

As the nation continues to adjust to these changes, Tinubu’s policies are likely to shape Nigeria’s path toward long-term stability.

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Retired AIG Bola Longe is dead

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Retired Assistant Inspector-General of Police (AIG), Emmanuel Adebola Longe is dead. He died on Sunday.

The Chairman of the Nigerian Bar Association (NBA), Ibadan branch, Ibrahim Lawal confirmed the news of his death in a telephone confirmation with Tribune Online on Monday.

He has earlier issued a statement to announce his death.

The statement read, “The death has been announced of Pastor Bola Longe AIG (Rtd), a partner at Afe Babalola & co which sad event happened yesterday.

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“The Bar commiserate with the family and Emmanuel Chambers. May Almighty God repose his soul.”

Longe, who burst one of the largest syndicates of railway line vandals in North Central Nigeria in 2021, retired from the service of the Nigeria Police Force. after 33 years and eight months of meritorious service to his country.

Bola Longe retired from the rank of Assistant Inspector General of Police, AIG in-charge of Federal Operations, (Fed.Ops) Force Headquarters, Abuja.

He was an alumnus of the University of Ibadan, UI), and the University of Lagos.

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He was a renowned student activist, a master of political science, peace and conflict expert, a refined solicitor, investigator, mentor and pastor.

Longe was one of the finest personnel in the Nigeria Police Force who served and left unblemished.

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Just in: Tinubu exposes those behind deadly stampedes

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President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.

Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.

During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.

Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.

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“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.

“Let this tragedy not affect us”, the Nigerian leader said.

The president also said he has no plans to reduce his cabinet or sack more ministers.

For the controversial tax reform bills, he said it has come to stay.

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He also revealed he has no regrets removing fuel subsidy.

He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.

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