The federal government has rejected measures to raid workers’ savings and pension contributions. According to sources, the federal government intends to use pension and life insurance funds to build the country’s infrastructure.
However, in response to the alleged comment, Minister of Finance and Economic Coordinator Wale Edun stated that the government will not improperly access workers’ savings and pensions.
It has come to my attention that there are allegations circulating that the Federal Government intends to illegally access workers’ hard-earned savings and pension payments,” he stated in a video posted by the ministry on Thursday.
This could not be further from the truth. The pension business, like the rest of the financial industry, is heavily regulated. There are regulations and limitations regarding what pension money can and cannot be invested in.
“The Federal Government has no intention of going beyond the constraints that exist to protect workers’ pensions.
There is no attempt or contemplation of providing less safe investments for pension funds, insurance funds, or any other investment funds that are available. “
There was no attempt to enhance the risk or to reduce the profits that would have been earned. And we must remember that the federal government has the authority to issue guarantees where they are required in order to unleash money that will lead to growth, job creation, and poverty alleviation.
It is a constant conversation, a challenge, and a test for the best and brightest in the financial industry to come up with solutions that, while protecting long-term savings, also give an avenue for economic growth.”