Following the announcement that the federal government intended to deduct N20 trillion from the country's pension fund account, Alhaji Waziri Atiku Abubakar a former vice president and presidential candidate of the Peoples Democratic Party, PDP has reacted.
On Wednesday, Atiku Abubakar claimed in post on his official X Twitter that the decision represents yet another effort to commit criminality. According to Nigeria's ex-vice president, the government should be warned to adhere closely to the rules laid forth in the Pension Reform Act of 2014 and the updated Regulation on Investment of Pension.
According to Atiku Abubakar, the federal government should not do anything that would violate the current investment limit regulations.
He wrote on his official X handle;
"It is another attempt to perpetrate illegality by the Federal Government. The government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). In particular, the Federal Government must not act contrary to the provisions of the extant Regulation on investment limits to wit: Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments".