The Federal Government says there are no plans to “illegally access” workers’ savings and pension contributions.
There were reports that the Federal Government plans to top from the pension and life insurance to develop infrastructure in the country.
The Minister of Finance and the Coordinator of the Economy, Wale Edun, reacting to the comments, said that the government would not illegally access the savings and pensions of workers.
“It has come to my notice that there are stories making around that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers,” he said in a video released by the ministry on Thursday.
“Nothing could be further from the truth. 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.
“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.”
