Your pension funds safe, won't be accessed illegally, FG tells workers – Newstrends
Connect with us

Business

Your pension funds safe, won’t be accessed illegally, FG tells workers

Published

2 months ago

on

Your pension funds safe, won’t be accessed illegally, FG tells workers

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the Federal Government has no plans of illegally accessing the N20 trillion pension funds for infrastructure development.
He said noone should entertain any fear over the safety of the contributions of workers that make up the pension funds.
Edun had earlier said the spoken on a move to use the pension funds as part of the government’s efforts to bridge Nigeria’s estimated 20 million housing deficit, and provide massive housing and mortgage loans at 12 per cent interest rates, with 25-year repayment plans.
The minister’s comments had elicited serious reactions from notable groups and Nigerians, including the organised labour and a former Vice President, Alhaji Atiku Abubakar, who advised the government to suspend the move.
Atiku said the move was potentially disastrous for retired Nigerians dependent on their pensions.
But in a statement personally issued on Thursday, Edun said the stories making the rounds that the government planned to illegally access the savings and pension contributions of workers were false.
He stated that the pension industry was guided by rules, adding that the government would be strictly guided by extant rules in accessing the pension funds of workers.
The minister stressed that government would not go outside the stipulated limitations on what the funds could be invested in.
The statement read in partu, “It has come to my notice that there are stories making the 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.
“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.
“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.
“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws, these funds could be used maximally to drive investment in key growth areas, including infrastructure, housing, and, of course, to find a way to provide Nigerians with affordable mortgages.
“Within this context, there is no attempt, nor is it being considered, to offer unsafe investments for pension funds or even insurance funds or any investment funds.
“No attempt whatsoever to increase the risk. No attempt whatsoever to lower the returns that would otherwise be earned.”

Related Topics:
Advertisement

Railway

Nigerian Railway Corporation suspends Warri-Itakpe train after derailment

Published

8 hours ago

on

July 5, 2024

By

Nigerian Railway Corporation suspends Warri-Itakpe train after derailment

The Nigerian Railway Corporation (NRC) has announced the suspension of its train services from Warri in Delta State to Itakpe in Kogi State, starting from Friday, July 5th.

The suspension is due to an obstruction on the track, according to the NRC.

This is contained in a notice sent to customers titled “Public Announcement” on Friday, saying that the agency would likely resume operations on Monday, July 8, 2024.

READ ALSO:

It read, “This is to officially notify our esteemed passengers that Warri-Itakpe Train will not run today being Friday, 5th July 2024 due to the obstruction we have on our track.

“We shall resume our normal train services on Monday 8th July 2024. Passengers who already booked their tickets online will be refunded.”

“All inconveniences is highly regretted. Thank you,” the statement added.

The train reportedly derailed on Thursday, July 4 at about 7.15pm.

A passenger on the train said it wobbled along its track at several locations and derailed.

It was however learnt that the NRC team was working to fix the problem.

Nigerian Railway Corporation suspends Warri-Itakpe train after derailment

Continue Reading

Business

NCAA suspends licences of 10 private jet operators

Published

18 hours ago

on

July 5, 2024

By

NCAA suspends licences of 10 private jet operators

The Nigeria Civil Aviation Authority (NCAA) has suspended the Permits for Non-Commercial Flights (PNCF) licenses of ten private jet operators for failing to comply with an earlier recertification directive aimed at curbing the misuse of private jets for commercial operations. 

In a statement signed by Michael Achimugu, Director of Public Affairs and Consumer Protection, the NCAA explained that the operators did not adhere to the directive issued on April 16, 2024, requiring re-evaluation by April 19, 2024.  

This directive was intended to ensure compliance with Part 18.3.4 of the Nigeria Civil Aviation Regulations 2023, which prohibits PNCF holders from using their aircraft for commercial operations or charter services.

“The Nigeria Civil Aviation Regulations 2023 Part 18.3.4 forbids holders of PNCF from using their aircraft for CARRIAGE OF PASSENGERS, CARGO or MAIL for HIRE or REWARD (commercial operation or charter services).  

“As a result of flagrant disregard of this rule, the NCAA had earlier directed all holders of PNCF to undergo re-evaluation which should have been concluded by the 19th of April 2024.  

READ ALSO:

“To this end, the NCAA has suspended the PERMIT FOR NON-COMMERCIAL FLIGHTS of ten private jet operators,” the statement read in part.  

The ten suspended private jet operators whose PNCF licenses were suspended over failure to commence the recertification process include: 

  • Azikel Dredging Nigeria Ltd. 
  • Bli-Aviation Safety Services 
  • Ferry Aviation Developments Ltd.  
  • Matrix Energy Ltd. 
  • Marrietta Management Services Ltd. 
  • Worldwide Skypaths Services 
  • Mattini Airline Services Ltd. 
  • Aero Lead Ltd. 
  • Sky Bird Air Ltd  
  • Ezuma Jets Ltd. 

The statement also informed the public that engaging PNCF holders for commercial purposes is illegal, and the NCAA will promptly take enforcement actions against any violators.  

Additionally, NCAA officials have been deployed to General Aviation Terminals (GAT) and private wings of airports to monitor the activities of PNCF holders, the statement noted. 

NCAA suspends licences of 10 private jet operators

Continue Reading

Business

Tinubu unveils N2tn plan to stabilise economy in six months 

Published

18 hours ago

on

July 5, 2024

By

Tinubu unveils N2tn plan to stabilise economy in six months 

President Bola Tinubu has announced a N2 trillion stabilisation plan to revive Nigeria’s struggling economy within six months.

He said during the inauguration of the presidential economic coordination council (PECC) on Thursday that the project was aimed at revitalising the nation’s economy within the given period with the help of the private sector.

The PECC chaired by the President was established in March this year and it includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.

It also has prominent private sector leaders such as Aliko Dangote, Tony Elumelu, and Bismarck Rewane, serving on the council for one year.

Tinubu’s administration has faced criticism for its economic reforms, including the removal of petrol subsidy and foreign exchange policies which have made life difficult for Nigerians.

But the government said it remained optimistic that the short-term pain would yield long-term benefits and attract foreign investment.
Speaking at the inauguration of the PECC, Tinubu expressed gratitude to Dangote, Elumelu, and others for their participation.
“It is Nigeria that is calling, not a Bola Tinubu. And the hope of the entire nation hangs on you people,” he said.
Speaking on current economic challenges, the President recalled that he declared a state of emergency on food security and outlined plans to increase oil production, improve power generation, and leverage infrastructure development to boost agriculture and electricity supply.
“We have a challenge thrown at us and all of us will have to be careful. I believe today is America’s 158th of their independence while we are celebrating our 25 years of progress of democracy,” Tinubu said.
“We have to look back at how we have navigated ourselves and look forward [to] better economic navigation.
“I can give instructions as the president from my office but I believe so much, deeply in the organised private sector.

“The partnership to drive the economy of this country, for reforms and stabilization that is necessary, give the incentive where we must and leave the market to control the pricing mechanism and the consumption.
“I am ready to listen to you in all of that. You have seen us from close quarters but we are one.
“We feel the market pinches differently the price of foodstuff and all of that. I believe Bismarck Rewane will be able to make additional suggestion on what we are lacking and what we should do to stabilize this economy.”
Tinubu acknowledged the challenges faced by the market, particularly in terms of food prices, as he expressed his willingness to listen to the private sector leaders for their recommendations on stabilising the economy.
He also highlighted the government’s plans for a manufacturing stabilisation fund and support for Micro, Small, and Medium Enterprises (MSMEs).

Continue Reading

Trending