Nigeria Employers’ Consultative Association (NECA) has warned the Federal Government against borrowing about N2 trillion from pension fund for infrastructural development, condemning the move as unnecessary and an attempt to frustrate contributors.
The Director-General of NECA, Dr. Timothy Olawale, said “The idea of the pension fund of workers is to guarantee a meaningful and modest life after employment. It is, therefore, unacceptable for government, for whatever reason, to dip into the funds without taking into cognisance the regulations guiding investment of the pension fund and consultation with stakeholders.”
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While expressing concerns over the fate of workers in the face of incessant borrowing by government at all levels without corresponding development, the NECA DG averred that it was unthinkable for the government to borrow from the pension fund when its citizens had not felt the impact of the mounting debts of government.