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05 February 2020

NLC opposes FG’s plan to borrow N2trn Contributory Pension Fund

Nigeria Labour Congress, NLC, has opposed plans by the Federal Government to borrow two trillion naira out of the Contributory Pension Fund of Ten Trillion Naira for infrastructural development.

NLC President, Ayuba Wabba, made this known during the meeting of the National Administrative Council of the congress in Abuja.

According to him, recently, the National Economic Council gave approval to the Federal Government to borrow two trillion naira from the pension funds presently put at N10 trillion to finance the development of national infrastructure.

He said the decision was devoid of effective consultation with the stakeholders who own the funds collectively.

The NLC president said the government should come to the realisation that pension funds were a joint contribution belonging to workers and the employers, hence it cannot be borrowed at will.

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