WORKERS, RETIREES KICK AS FG PLANS N620BN LOAN FROM PENSION FUNDS

Retirees, Workers Kick As FG Plans N620bn Loan From Pension Funds -  Economic Confidential

The Federal Government is planning to source a $1.5bn N620bn loan from pension funds to support its proposed N7.73tn investment in transport infrastructure over the next five years.

Specifically, the government is seeking to obtain the facility to finance transport sector projects between 2021 and 2025, hoping that the over N13tn pension fund will grow at an average rate of 15 per cent per annum during the period.

These were contained in the Federal Government’s ‘National Development Plan 2021-2025 launched recently.

The Federal Government also revealed in the NDP document that the N7.73tn infrastructure spending would be sourced from the capital market, the Presidential Infrastructure Development Fund portfolio, pension funds, among others.

The government, however, said the proposed N620bn facility would be based on the willingness of pension funds administrators to invest in the transportation sector.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.