Current workers and retirees kick as FG plans N620bn loan from pension funds.
Sector projects between 2021 and 2025, hoping that the over N13tn pension fund will grow at an average rate of 15 per cent per annum during the period.
These were contained in the Federal Government’s ‘National Development Plan 2021-2025: Volume I’, which was launched recently.
The Federal Government also revealed in the NDP document that the N7.73tn infrastructure spending would be sourced from the capital market, the Presidential Infrastructure Development Fund portfolio, pension funds, among others.
The government, however, said the proposed N620bn facility would be based on the willingness of pension funds administrators to invest in the transportation sector.
The NDP document read in part, “An additional $1.5bn (N620bn) could be sourced from pension funds, assuming Nigeria’s pension fund assets valued at over $31.3bn in 2019 grows at an average rate of 15 per cent per annum over the five years and pensions funds administrators opt to invest in infrastructure funds and infrastructure bonds up to the thresholds they are allowed to do.”
The national development plan describes transportation as vital to the economy, noting that it underpins development, delivers improvements in quality of life, and enables effective governance.
0 Comments