By Erasmus Ikhide
Unfortunately, Tinubu has been imprisoned by the retinue of his ethnic malcontent aides who are forcing him to roll out primitive policies that have stagnated, sullen and broadened the collapse of the economy. Wale Edun, Coordinating Minister for Economy and Minister of Finance’s plan to borrow N20 trillion naira from pension funds is one tragic policy blunder of President Tinubu that has sparked outrage across Nigeria. The recent announcement by Wale Edun that the federal government will be borrowing N20 trillion from pension funds has raised serious concerns among Nigerian workers and retirees. This move is not only illegal but also unethical, as it puts the financial security of pensioners at risk. The minister’s reference to pension funds as “long-term funding” is misleading and inaccurate. Pension funds are meant to provide financial security for workers in their retirement, and it is not to serve as a source of cheap funding for the government. With workers retiring almost monthly, it is absurd to consider pension funds as long-term funding. Also, the minister’s plan violates the Act establishing the National Pension Commission (PenCom), which stipulates that pension funds must be managed solely for the benefit of contributors. Borrowing pension funds for government purposes is a clear breach of this mandate.
As President Bola Amhed Tinubu (PBAT) rolled out drums in commemoration of democracy day today, he did not need retelling that the citizens – since he took office – have been reduced to a precarious and feral existence as they eke out a living like slum rats in the massive ruins of the Nigerian State.
It’s truly traumatizing that Nigeria has become a torrid hell in the hands of a supposed progressive democrat where citizens escape by the skin of their teeth to foreign countries daily.
Tinubu’s APC-led government is lacking in ideological solidity from its earlier advertised progressive agenda. Without sobriety, he’s purposely allowing his government to be reeking of abject cronyism and nepotism and totally bereft of a proactive visioning for a troubled nation on a tenterhook.
The question has been, is President Tinubu trying to extricate himself out of his old feudal sense of entitlement, “it is my turn to rule” baleful scourge? As a highly wily and compulsively manipulative politician, he should be hazarding a workable blueprints in fulfillment of his Renewed Hope Agenda.
This day should have been a moment of truth and sober reflection to a man like Tinubu who fought for democracy with every blood in his veins but got carried away by hollow and Pyrrhic victory, burnished by propaganda blitz.
Unfortunately, Tinubu has been imprisoned by the retinue of his ethnic malcontent aides who are forcing him to roll out primitive policies that have stagnated, sullen and broadened the collapse of the economy.
Wale Edun, Coordinating Minister for Economy and Minister of Finance’s plan to borrow N20 trillion naira from pension funds is one tragic policy blunder of President Tinubu that has sparked outrage across Nigeria.
The recent announcement by Wale Edun that the federal government will be borrowing N20 trillion from pension funds has raised serious concerns among Nigerian workers and retirees. This move is not only illegal but also unethical, as it puts the financial security of pensioners at risk.
The minister’s reference to pension funds as “long-term funding” is misleading and inaccurate. Pension funds are meant to provide financial security for workers in their retirement, and it is not to serve as a source of cheap funding for the government. With workers retiring almost monthly, it is absurd to consider pension funds as long-term funding.
Also, the minister’s plan violates the Act establishing the National Pension Commission (PenCom), which stipulates that pension funds must be managed solely for the benefit of contributors. Borrowing pension funds for government purposes is a clear breach of this mandate.
If the Contributory Pension Scheme was a good policy, why were some classes of workers and organizations exempted from it? This selective application of the scheme raises concerns about its true intentions.
Come to think of it, is the minister aware that the Pension Reform Act authorizes only Pension Fund Administrators (PFAs) to manage pension funds? Investing pension funds into infrastructure without PFA management is a clear violation of the act.
Besides, why would a responsible government consider investing workers’ hard-earned savings, meant for their pension, into infrastructure projects? This move prioritizes political interests over the welfare of Nigerian seniors.
The Nigerian political elites have never meant well for senior citizens who served the country meritoriously. This policy is a stark reminder of their disregard for the welfare of retirees.
What was wrong with the old pension scheme, which allowed pensioners to earn almost their last salary as a pension? The new scheme has only brought hardship and uncertainty to retirees.
Tampering with pension funds is doomed to fail and will only bring misery to retirees. The difficulties faced by retirees under the Contributory Pension Scheme (CPS) in accessing their money are a testament to this fact.
The minister’s actions demonstrate a clear disregard for the welfare of Nigerian pensioners, who have worked tirelessly to contribute to the pension scheme. This move undermines the trust and confidence in the pension system, and the minister’s incompetence in managing the economy is evident.
Organized labour unions should be demanding the immediate resignation of Wale Edun as Minister of Finance and Coordinating Minister for the Economy. His actions are detrimental to the well-being of Nigerian workers and retirees, as he has lost the trust and confidence of the people.
On a final note, the Nigerian government must prioritize the welfare of its citizens, especially vulnerable retirees who rely on their pension benefits for survival. We urge the government to explore alternative funding sources and respect the sacrosanct nature of pension funds, in the interest of peace and posterity.
Erasmus Ikhide contributed this via: ikhideluckyerasmus@gmail.com.
