SERAP asks Buhari to stop governors from borrowing N17trn from pension funds

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President Muhammadu Buhari

Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari urging him to use his “good offices and leadership position to urgently instruct the Director-General and Board of the National Pension Commission [NPC] to use their statutory powers to stop the 36 state governors from borrowing and/or withdrawing N17 trillion from the pension funds purportedly for ‘infrastructural development.’”

The governors last week reportedly proposed to borrow around N17 trillion from the pension funds after receiving a briefing from the Kaduna State Governor, Mallam Nasir el-Rufai, who is the Chairman of the National Economic Council Ad Hoc Committee on Leveraging Portion of Accumulated Pension Funds for Investment in the Nigeria Sovereign Investment Authority [NSIA].

But in a letter dated 5 December 2020, and signed by SERAP deputy director Kolawole Oluwadare, the organization said: “Allowing the governors to…



Source: Vanguard Newspaper