BMO slams PDP over comment on proposed pension utilisation
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.