Wale Edun, the Minister of Finance, has dismissed allegations that the federal government will misuse the N20 trillion from the Pension Fund earmarked for infrastructural projects.

He made this known in a statement issued on Thursday, May 17 to the press.

The minister insisted the government will adhere to established regulations governing pension funds, stressing that there were no plans to transgress the legal boundaries.

Edun's response comes following public disapproval of the government's early announcement of its purported plans to tap into the N20 trillion pension funds for infrastructure development initiatives.

Addressing the public concern, Edun emphasized, “It has come to my notice that there are stories making rounds that the federal government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.”

Edun clarified that the government’s discussions, including those held at the federal executive council, were centered on exploring avenues within the existing legal frameworks to maximize the utilization of pension funds for driving investments in strategic growth sectors, Vanguard reports.

“The federal government has no intention whatsoever to go beyond those limitations and go outside those bounds which are there to safeguard the pensions of workers,” he asserted.

Moreover, Edun shed light on ongoing dialogues within the financial sector involving key stakeholders to explore innovative funding mechanisms aimed at stimulating economic growth, job creation, and poverty alleviation. He emphasized that these discussions did not entail compromising the safety or increasing the risk associated with pension fund investments.

“It is an ongoing conversation, a challenge, and a test for the best and brightest in the financial industry to come up with solutions that, while safeguarding the long-term savings of workers, do provide an avenue that can help boost growth in the economy,” Edun concluded.

The Minister’s statement seeks to allay fears and clarify the government’s stance amidst mounting concerns over the management and utilization of pension funds for national development initiatives.