A former Speaker of the Imo State House of Assembly (IMHA), Hon. Barr. Ike Ibe has berated the federal government’s decision to access or use pension funds, insisting that it’s not in the interest of workers.
Hon. Ibe revealed this on Thursday evening after the government announced the intention to tap pensions for investment purposes, stressing that the federal government has a history of abuse and mismanagement of funds.
It was reported that the federal government is looking to draw from pension funds, life insurance and other funds from the investment industry to the tune of N20 trillion.
According to him, this move is a very bad idea, hinged on causing havoc and more wreck to the Nigerian economy.
“It is very risky. Whoever suggested this idea clearly doesn’t mean well for the nation.
“Where are the returns of funds invested over the years in Nigeria? Most times these funds ends up in the pockets of corrupt individuals.
“These money belongs to workers and pensioners. It doesn’t belong to the government.” He said.
The former governorship candidate of Imo state added that many retirees survive off their pensions, highlighting that such investments will only impoverish Nigerian workers.
saharandaily