BMO slams PDP over com­ment on pro­posed pen­sion util­i­sa­tion

The Punch - - TODAY - Ka­marudeen Ogun­dele, Abuja

THE Buhari Me­dia Or­gan­i­sa­tion has ad­vised the Peo­ples Demo­cratic Party to seek proper ed­u­ca­tion on in­vest­ment prin­ci­ples and to stop mak­ing un­in­formed com­ments on ba­sic in­vest­ment is­sues.

The group was re­act­ing to the PDP’S crit­i­cism of the Na­tional Eco­nomic Coun­cil’s re­cent pro­posal that the Fed­eral Gov­ern­ment utilise 20 per cent of the na­tion’s ac­cu­mu­lated pen­sion fund to fi­nance crit­i­cal in­fra­struc­ture.

Fault­ing the PDP’S con­dem­na­tion of the pro­posal, the BMO in a state­ment by its Chair­man, Niyi Akin­siju, and Sec­re­tary, Cas­sidy Madueke, stated that the PDP gov­er­nors were mem­bers of NEC and its de­ci­sions were gen­er­ally non­par­ti­san.

“It is a shame re­ally that all that the PDP un­der­stands is trea­sury loot­ing and it is com­pletely at sea on in­vest­ing in the fu­ture, or the party is be­ing de­lib­er­ately mis­chievous as usual,” the group said.

The BMO re­called that be­tween 2005 and 2011, the pen­sion fund gen­er­ated N1.025tn out of which N751.4bn was ex­pended on pen­sion mat­ters and N273.9bn was al­legedly stolen by the PDP pen­sion ad­min­is­tra­tors.

It said, “Now, a non-par­ti­san body of elected stake­hold­ers has pro­posed a prof­itable use of this huge but idle funds, and the PDP is up in arms.

“By way of ed­u­ca­tion, pen­sion funds are not kept in a sav­ings ac­count. They are mod­eled to be in­vested in in­vest­ment in­stru­ments across the fi­nance and in­vest­ment spec­trum. Th­ese in­stru­ments in­clude, but are not limited to, trea­sury bills, bonds, eq­ui­ties and money mar­ket in­stru­ments.

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