Governors To Borrow ₦17 Trillion From Pension Fund

The governors of the 36 states of the federation have made known their plan to borrow N17 trillion from the pension fund for acceleration of infrastructural Development.

The resolution is part of the outcome of the 22nd Nigeria Governors Forum (NGF) hybrid meeting between the governors and officials of the central bank of Nigeria.

The governors resolution is sequel to the endorsement of the two proposals tabled by both the Governor Nasir el Rufai Committee and the CBN Governor, Godwin Emefiele.

They also implored the Federal Government and the Academic Staff Union of Universities (ASUU) to quicken the implementation of their consensus elements in their resolutions so as to allow schools reopen immediately.

El Rufai is the Chairman of the National Economic Council (NEC) Adhoc Committee on Leveraging Portion of Accumulated Pension Funds for Investment in Nigeria Sovereign Investment Authority (NSIA).

He had briefed the forum on a proposed National Infrastructure Investment Fund (NIIF) such that about N2 trillion at 9% interest can be accessed through the NSIA.

The forum 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%.

The governors also received briefing from the Presidential Task Force (PTF).

According to a communique issued after the meeting by the NGF Chairman and Governor of Ekiti State, Kayode Fayemi, the forum resolved to meet with President Muhammadu Buhari as soon as possible to address security challenges across the country.

The governors also resolved to support the necessary reforms that would result in a police force that works for all.

The communique said, “As an immediate to medium-term measure, members agreed to pay close attention to the conduct of police officers across the country in order to get them and other internal security operatives fully back to work as they have not been functioning to full capacity since the EndSARS protests with the attendant security exposure to the safety of lives and properties of the ordinary citizens;

“Maintain its stance that stamp duties belong primarily to states and the various collection platforms are channels of payment to the states; while aligning with the guidance provided by its lawyers and experts.

“Direct state Attorney Generals to review the Water Resources Bill and send their input to the Nigeria Governors’ Forum Secretariat as quickly as possible.”

The governors also agreed to keep active and operational the State COVID -19 Task Force Teams and Emergency Operation Centers (EOCs) in addition to ensuring the prompt release of funds as outlined in the state Incidence Action Plans (IAP), keeping temporary treatment centers open, ramping up COVID-19 testing across the country, and support the planned “COVID-19 Testing Week’ to be launched by the PTF