Abuja Moves to Use ₦17 Trillion Pension Funds for Roads, Pensioners Cry Out
Abuja, Nigeria
The Federal Government plans to take ₦17 trillion from pension funds to build 5,000 km of roads. This has sparked anger among pensioners who are still waiting for their payments.
The Minister of Works said the government sees pension funds as a way to finance infrastructure. He claimed the road project is important for economic growth. But critics say using pension money is risky and unfair to retirees.
Reports from The Capital Mirror say the government wants private companies to help fund the project. Peoples Gazette reported that the government may use up to ₦20 trillion for roads, housing, power, rail, and technology.
Many pensioners have condemned the move. “We worked for years, saved our money, and now they want to use it for roads while we suffer?” said Mr. Adewale Ogunleye, a retired worker.
Financial experts warn that the plan lacks transparency. Nigeria has a history of mismanaged funds and abandoned projects. “Pension funds should protect retirees, not fund government projects. If mismanaged, pensioners will suffer,” said Dr. Chima Nwankwo, a financial analyst.
Labor unions and civil groups are demanding accountability. The Nigeria Labour Congress (NLC) has threatened protests. “We won’t let the government touch workers’ savings without a clear plan,” said NLC President Joe Ajaero.
The government claims the plan will fix roads and boost the economy. Finance Minister Wale Edun says private investors will help reduce risks. But many Nigerians doubt the government’s ability to manage funds properly.
As debates continue, Nigerians are left asking: Will this plan improve the country or become another financial disaster?
