The 36 State governors during the 22nd Nigerian Governors’ Forum (NGF) endorsed a proposal to borrow about N17 Trillion from the Nigeria Sovereign Investment Authority (NSIA) and the Accumulated Pension Funds. The endorsement was included in the resolutions passed at the end of the 22nd NGF meeting and was in a communiqué personally signed by Dr. Kayode Fayemi, the Chairman of NGF.
According to the communiqué, Governor Nasir El Rufai, Chairman of the National Economic Council (NEC) Adhoc Committee on Leveraging Portion of Accumulated Pension Funds for Investment, briefed the Forum on a proposed National Infrastructure Investment Fund (NIIF) under the auspices of the Nigeria Sovereign Investment Authority (NSIA) such that a total sum of N2 Trillion at 9% interest can be accessed through the NSIA. The NGF Chairman noted that the CBN Governor had a similar proposal to access N15 Trillion for national infrastructure funding through INFRACREDIT at a lower interest rate of 5%.
“Members of the Forum resolved to endorse the two proposals that canvassed for infrastructure development by both the Governor Nasir el Rufai Committee and the Central Bank Nigeria (CBN) Governor, Godwin Emefiele, noting that both were not mutually exclusive and could be adopted simultaneously with one streaming into the other.”
Below are all the links referenced in Everything you need to know about Governors borrowing N17 Trillion from Pension Funds
Everything you need to know about Governors borrowing N17 Trillion from Pension Funds
Extract from Nigerian Governors’ Forum Communiqué which revealed Governors plan to Borrow N17 Trillion From NSIA & Pension Fund
SERAP letter to Buhari to stop Governors from borrowing N17trn from Pension Fund
NLC warns Governors that Workers’ Pension Fund is not for borrowing
PenOp Statement to clarify Governors borrowing or using Pension Funds for Infrastructure
Minimum Requirements for PFAs to Invest in State Bonds.
Status of Contributory Pension Assets as at end of August 2020
Status of Implementation of CPS in States as at September 2020 here
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