There is nothing wrong in borrowing from pension funds, says Fayemi

There is nothing wrong in borrowing from pension funds, says Fayemi

- The governor of Ekiti state, Kayode Fayemi has thrown his weight behind the proposed loan from the pension fund

- The Nigeria Governors Forum (NGF) chairman on Sunday, December 6, explained the need for governors to borrow

- According to Fayemi, state governors are not going to be apologetic about borrowing for infrastructure

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Ekiti state governor, Kayode Fayemi has reacted to the proposed plan of his counterparts to borrow N17 trillion partly from pension funds.

In a report by Premium Times the governor on Sunday, December 6, said there is nothing wrong in borrowing to provide infrastructure across the states by the goverment.

Fayemi the chairman of the Nigeria Governors Forum (NGF), made the disclosure while speaking on Channels Television programme, Politics Sunday.

Nothing wrong in states borrowing from pension funds – Fayemi
Governor Fayemi says there is nothing wrong in states borrowing from pension funds. Photo credit: @kfayemi
Source: Twitter

The NGF chairman explained that the funds which would be sourced from two places will go into creating revenue-generating infrastructure projects.

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He went on to note that they are not going to be apologetic about borrowing to fund infrastructure.

News of the governors plans to borrow did not sit well with Nigerians who have kicked against the plan of the state governors to borrow from the pension fund.

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Meanwhile, reported that the Socio-Economic Rights and Accountability Project (SERAP) has urged President Buhari to stop state governors from taking loans from pension funds.

The governors had claimed they wanted to use the money for infrastructural development. The group on its Twitter page Sunday, December 6, urged the president to immediately instruct the director-general and Board of the National Pension Commission to stop governors' move.

In a related development, Babajide Sanwo-Olu, the Lagos state governor, has advised his counterparts across the country to look into their expenditure profile and do away with unnecessary spending.

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Sanwo-Olu made the call on during the 22nd annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN) held at Victoria Island, Lagos.

He said that cutting unnecessary spending would increase the state's revenue for the government to have more resources to meet the basic needs of the people.

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