Roundup: Experts hail Nigeria s decision to reopen borders ahead of AfCFTA implementation - Xinhua xinhuanet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from xinhuanet.com Daily Mail and Mail on Sunday newspapers.
T
he Nigeria Employers Consultative Association (NECA) has expressed concerns over the attempt by State Governments to borrow N17 trillion from the pension fund assets to fund infrastructure development.
Speaking in Lagos, the Director General of NECA, Dr. Timothy Olawale said the issue of investment and borrowing from pension fund assets have remained contentious and vexatious to many Stakeholders.
He said while it is obvious that the nation needs huge investment to address current infrastructure deficit, the contention remains how to fund the deficit.
While Sections 85-91 of the Pension Reform Act 2014 stipulated the classes of assets that Pension funds should be invested in, with overriding provisions for the funds safety, past and present alleged misapplication of loans by Government has created deep mistrust in the minds of citizens and eroded the confidence in Government, he said.