Decline In Oil Price: Nigeria plan to use Pension Fund on infrastructure
The Federal Government may dip hands into part of the N9tr pension fund to finance infrastructure, especially road projects.
The Chairman, Senate Committee on Works, Mohammed Adamu Aliero, said this, yesterday, in Port Harcourt, while inspecting the ongoing Port Harcourt/Aba Road construction with his committee members.
He said: “There is a proposal, which is now before the Economic Council that part of the pension fund of N9tr should be used in funding some of the infrastructures, particularly road projects. When the proposal is approved by the government, it will be sent to the National Assembly for immediate approval.
” If we rely on annual budgeting, the money will not be enough to rehabilitate this infrastructure. We need extra funds, either by raising a bond or using pension funds. We will not use up 30 percent of the pension fund. The pension fund has been kept over a period of time and when we use about 30 per cent, we will generate it back by constructing toll gates. From the money realised from the tolls, we will pay it back.”