Extract from Nigerian Gover­nors’ Forum Communiqué which revealed Governors plan to Borrow N17 Trillion From NSIA & Pension Fund – PensionNigeria

Extract from Nigerian Gover­nors’ Forum Communiqué which revealed Governors plan to Borrow N17 Trillion From NSIA & Pension Fund

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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