Title: Dua and remembrance to be said at any time
O Allah, forgive my sins, my mistakes, my excessiveness in my affairs, and that which You know better than myself. O Allah, grant me forgiveness [of the faults which I committed] in earnest or jestingly.
Jumaat Mubarak!
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Why do we always think about what can go wrong rather than what can go right? We seem to be experts in creating problems that weren’t even there in the first place. Think good thoughts. Use the time to get closer to the Almighty and above all, think positive.
My attention is drawn to a disturbing disclosure by the Finance Minister and Coordinating Minister of the Economy, Wale Edun, as he addressed State House correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa on Tuesday, 14 May.
There is, according to the Minister, a move by the Federal Government to rev up economic growth by unlocking N20 trillion from the nation’s pension funds and other funds to finance critical infrastructure projects across the country. The Minister has indicated that although "the initiative is expected to attract foreign investment interest over time", domestic savings are his ‘immediate focus’ for now.
He provided no useful details, such as the percentage of the funds to be mopped up from the Pension Funds, for example. Even at that, this move must be halted immediately! It is a misguided initiative that could lead to disastrous consequences on the lives of Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions having retired from service.
It is another attempt to perpetrate illegality by the Federal Government. The government must be cautioned to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom). In particular, the Federal Government must not act contrary to the provisions of the extant Regulation on investment limits to wit: Pension Funds can invest no more than 5% of total pension funds’ assets in infrastructure investments. I note that as of December 2023, total pension funds assets were approximately N18 Trillion, of which 75% of these are investments in FGN Securities.
There is NO free Pension Funds thst is more than 5% of the total value of the nation's pension fund for Mr. Edun to fiddle with.
There are no easy ways for Mr. Edun to address the challenges of funding infrastructure development in Nigeria. He can’t cut corners. He must introduce the necessary reforms to restore investor confidence in the Nigerian economy and to leverage private resources, skills, and technology. -AA
https://t.co/8L2FALHcEr
@muftimenk Ya Arhama Raheemeen.
Open doors for the ones begging at your door everyday.
Don't leave those servants deprived.
Bless those servants with more and increase their reward for their patience.
We are all in need.
Forgive our sins and please give us from your treasures.
Ameen.