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Atiku condemns FG’s plan to use N20trn pension fund for infrastructure projects

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Atiku Abubakar, former vice-president, has condemned the Federal Government’s plan to use Nigeria’s pension fund to finance infrastructure projects.

 

In a post on X on Wednesday, Abubakar said it is a misguided initiative that must be stopped immediately.

 

On May 14, Wale Edun, the finance minister and coordinating minister of the economy, said the government has unveiled a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.

 

Edun said it was a significant step towards driving economic progress and addressing critical infrastructure needs.

 

However, Abubakar warned the decision could have devastating effects on the lives of Nigerians who have worked hard, saved money, and now rely on their pensions after retiring from service.

 

“My attention is drawn to a disturbing disclosure by the finance minister and coordinating minister of the economy, Wale Edun, as he addressed state house correspondents after the federal executive council (FEC) meeting at the presidential villa on Tuesday, 14 May,” Abubakar said.

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“There is, according to the minister, a move by the federal government to rev up economic growth by unlocking N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country.

 

“The minister has indicated that although “the initiative is expected to attract foreign investment interest over time”, domestic savings are his ‘immediate focus’ for now.

 

“He provided no useful details, such as the percentage of the funds to be mopped up from the pension funds, for example.

 

“Even at that, this move must be halted immediately!  It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.

 

“It is another attempt to perpetrate illegality by the federal government.”

 

FG MUST ABIDE BY PROVISIONS OF PENSION REFORM ACT 2014

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Abubakar said 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 Funds 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 which Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments,” Abubakar said.

 

“I note that as of December 2023, total pension funds assets were approximately N18 trillion, of which 75% of these are investments in FGN Securities.

 

“There is NO free Pension Funds that is more than 5% of the total value of the nation’s pension fund for Mr. Edun to fiddle with.”

 

He said there are no easy ways to address the challenges of funding infrastructure development in Nigeria.

Abubakar added that the minister needs to implement the necessary reforms to regain investor confidence in the Nigerian economy and to leverage private resources, skills, and technology.

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Tinubu returns to Nigeria after state visit to UK

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President Bola Tinubu arrived in Lagos early on Friday following a two-day historic visit to the United Kingdom.

The president is expected to join Muslim faithful later in the day to mark the celebration of Eid-el-Fitr.

Tinubu and his wife, the First Lady, Oluremi Tinubu, touched down at about 1:15 a.m. at the Presidential Wing of the Murtala Mohammed International Airport.

They were received on arrival by top government officials and party members, including Lagos State Deputy Governor Femi Hamzat and Chief of Staff to the President, Femi Gbajabiamila, alongside other All Progressives Congress (APC) stalwarts.

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Tinubu departs UK for Nigeria after historic state visit

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President Bola Ahmed Tinubu has departed the the United Kingdom for Nigeria following a high-profile state visit.

This was disclosed on Friday morning by the President’s Special Adviser, Information & Strategy, Bayo Onanuga.

“President Tinubu and First Lady Oluremi Tinubu depart London for Nigeria. President Tinubu and his wife are heading to Lagos for the Eid-el-Fitr celebration,” Onanuga wrote on his Facebook page.

The visit was marked by royal engagements, economic discussions and renewed diplomatic ties.

Tinubu was first received by King Charles III at Windsor Castle, where both leaders held talks aimed at strengthening relations between Nigeria and the UK. The visit featured ceremonial honours, including a carriage procession and a state banquet attended by senior members of the royal family.

At the banquet, Tinubu emphasised the importance of stronger cooperation between both countries. “Nigeria remains ready to deepen its partnership with the United Kingdom in trade, investment and shared prosperity,” he said. “We are committed to creating an environment that supports investors and drives sustainable growth,” Tinubu said.

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On his part, King Charles highlighted the enduring relationship between the two nations. “The United Kingdom and Nigeria share deep and enduring ties. Our countries are bound not only by history, but by a shared commitment to opportunity, enterprise and cultural exchange,” the monarch said.

Beyond the royal engagements, Tinubu also took part in meetings with UK officials, including discussions linked to the government of Keir Starmer, focusing on economic collaboration and investment opportunities.

Speaking on the outcomes of the visit, Tinubu said: “This visit has opened new pathways for cooperation, particularly in infrastructure and trade. We look forward to translating these discussions into tangible benefits for our people.”

A key development from the trip was progress on an agreement involving the rehabilitation of Nigerian ports, valued at hundreds of millions of pounds. According to officials, the project is expected to boost maritime capacity and support economic growth.

Tinubu also acknowledged the significance of the visit, noting that it comes at a crucial time for Nigeria’s economy. “We are determined to reposition our economy through strategic partnerships such as this,” he said.

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Good morning! Nigerian Newspapers Headlines: 2027 gov poll: Succession firestorm heats up in 10 states

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1. The simmering build-up to the 2027 general elections is rapidly giving way to an expansive and high-stakes succession season in at least 10 states, as governors in their final terms prepare to exit and a new generation of political actors moves to take their place.

Governors Babajide Sanwo-Olu (Lagos), Dapo Abiodun (Ogun), Seyi Makinde (Oyo), Bala Mohammed (Bauchi), Mai Mala Buni (Yobe), Babagana Zulum (Borno), Ahmadu Fintiri (Adamawa), Inuwa Yahaya (Gombe), Abdullahi Sule (Nasarawa), and AbdulRahman AbdulRazaq (Kwara) are in the final lap of their constitutionally permitted two-term, four-year tenures, and the battle for their successors has begun across the states


2. President Bola Tinubu on Thursday night departed London after a two-day historic visit at the instance of the royal family. He is expected to land in Abuja on Friday morning.


3. The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has called on the Nigerian military to adopt a more proactive strategy against terrorist groups in the wake of deadly bombings in Maiduguri, Borno State.
Abubakar made the appeal on Wednesday evening while declaring Friday as Eid-el-Fitr, marking the end of the Islamic holy month of Ramadan.


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4. Governor Babagana Umara Zulum of Borno State says the time of Boko Haram informants and their sympathizers is up, vowing that they would be tracked and made to face the full wrath of the law. The governor gave the warning during a state-wide broadcast on Thursday.


5. There was panic at St. Matthias Catholic Church, Agulu, in Anaocha Local Government Area of Anambra State, after a fully loaded lorry crashed into the church premises and caught fire. The incident, which occurred late on Wednesday along the Agulu Lake–Golden Tulip Hotel Road, caused gridlock as motorists slowed down while emergency responders battled to contain the blaze.



6. Nigeria has entered into a fresh agreement with the United Kingdom that will enable British authorities to repatriate thousands of failed asylum seekers and convicted offenders to the West African nation. The deal was formalised by Interior Minister Olubunmi Tunji-Ojo and UK Home Secretary, Shabana Mahmood during President Bola Tinubu’s official visit to Britain.


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7. Combined security operatives have arrested three suspected bandits linked to the February 3, 2026 attack on Woro village in Kaiama Local Government Area of Kwara State. The arrest was disclosed on Thursday by the Senior Special Assistant on Media to Governor AbdulRahman AbdulRazaq, Ibraheem Abdullateef, in a Facebook post.



8. The National Drug Law Enforcement Agency, Kano Strategic Command, has arrested a suspect and recovered 510 blocks of cannabis sativa in a major pre–Eid-el-Fitr operation. The State Commander, D.Y. Lawal, disclosed this in a statement issued on Thursday by the command’s Public Relations Officer, Assistant Superintendent of Narcotics, Sadiq Muhammad Maigatari.


9. Nigeria has been ranked the fourth most terrorized country in the world, according to the Global Terrorism Index, 2026, released by the Institute for Economics & Peace, a non-profit think tank headquartered in Sydney, Australia. The report showed that 750 Nigerians lost their lives to terrorism in 2025, representing a 46 per cent increase compared to the previous year.



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10. The Police Command in Enugu State has detained three suspects in coordinated crime prevention operations across the state, recovering a firearm, ammunition and a tricycle. The command’s spokesman, SP Daniel Ndukwe, disclosed this in a statement issued on Thursday in Enugu. Ndukwe said that on March 15, about 9 a.m., operatives on patrol along Enugu-Port Harcourt Expressway intercepted an unregistered tricycle.

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