FG Does Not Borrow from PenCom – Presidential Aide

Tolu Ogunlesi, the Special Assistant on Digital/New Media to President Muhammadu Buhari says Pension funds are invested into government bonds and treasury bills, which guarantees investments returns to pensioners.

Ogunlesi was reacting to a tweet from a Twitter user, who alleged that the Federal Government borrows money from the account of The National Pension Commission (PenCom).

The Twitter user @mobidiz had said: “While the idea of pension in itself is a wise plan. I think the system is yet to win the public (my) confidence. I for one is scared when FG borrows from @PenComNig account. Lending money is only an investment when you’re bigger than the debtor. Otherwise, It could b donation.”

Reacting, Ogunlesi pointed out that the ruling government doesn’t unilaterally remove money from the said account as he described.

“FG doesn’t ‘borrow’/take money from PENCOM ‘account’ — at least not in that unilateral manner you’ve described. Pension Funds invest in govt bonds/TBills, which are some of the safest investments that exist anywhere. It’s those investments that guarantee returns to pensioners,” he said.

President Muhammadu Buhari will be launching the Micro Pension Plan (MPP) of the The National Pension Commission (PenCom) tomorrow in Abuja.

According to a statement released by Head of Corporate Communications of PenCom, Peter Aghahowa, in Abuja,  the plan was an initiative to bring financial inclusion to all working Nigerians.

Aghahowa added that the goal of the MPP is to achieve coverage of 30 million people in the informal sector by 2024.

Reacting to the report, Ogunlesi described it as another big deal.

“This one is another Big Deal. Nigeria’s Pension Commission @PenComNig is launching a Micro Pension Plan. Targeted at the self-employed and persons working in organizations with fewer than 3 employees,” he tweeted.

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