Vanguard News
Why state govs should be denied Pension fund loan bid
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By Lanre Laoshe & Sina Kawonise
AT the 22nd teleconference meeting of Nigerian Governors Forum, the 36 states governors took a decision to borrow N2 trillion out of the total N11.34 trillion cumulative balance in the account of National Pension Fund, NPF.
This represents a whopping 17.6 percent of what workers in public and private sectors of the Nigerian economy have saved for more a decade to sustain themselves after retirement. The stated purpose for this and N15 trillion additional borrowing from other sources is for “infrastructural development” in states.