FG To Invest Six Trillion Naira Pension Funds – Adeosun

Finance Minister, Kemi AdeosunThe Minister of Finance, Kemi Adeosun, says the federal government is being cautious as it plans to invest the over six trillion Naira pension funds.

The Minister said this when she appeared before the House of Representatives as part of its ongoing sectoral debate on diversification of the Nigerian economy.

“A lot has been said about the pension money. We have six trillion and people treat it as if it’s just available for the taking. This is people’s future savings, so we have to be very cautious about how we release pension money into investment.

“The first thing we have to do is to relax the rules cautiously and with many safeguards so we don’t lose pensioners’ money and cause a problem in the future.

“Definitely we are going to put things in place such as the infrastructure bond that we are releasing that will encourage pension funds to invest but invest safely,” she said.

The Minister also said that the federal government has set up a committee to look into the financial impact of waivers that have been given by the government.

“Over the last five years we have given away one trillion Naira in waivers. It is quite significant and we believe that it needs to be looked at.

“Import duty waivers alone is 503 billion, VAT waivers is 227 billion. We are now going to look at what the cost benefits of these waivers are, what are the jobs that they have created.

“What we found is that they have been accused in some cases. We found that methods used to manage them are manual and therefore there is a lot of manipulation which we intend to address.”

Minister Laments Poor Funding Of ICT Sector

Adebayo Shittu, CommunicationThe Minster of Communications, Adebayo Shittu, has identified poor funding as a major challenge preventing the rapid development of the information and communication sector.

Mr Shittu made the observation on Wednesday at the Lower Chamber of the National Assembly in Abuja, Nigeria’s capital.

He lamented that the information and communication sector’s allocation is less than one per cent of the national budget.

The Minister noted that the sector has the capacity to create millions of jobs for the teeming unemployed youths in Nigeria.

Mr Shittu was speaking in the House of Representatives, as part of the sectoral debate on the diversification of the Nigerian economy.

We Must Spend More On Exploration To Unlock Solid Minerals Potentials – Fayemi

Solid MineralsThe Minister of Solid Minerals on Tuesday said Nigeria needs to spend more on exploration if it wants to unlock the potentials in the solid minerals sector.

Dr Kayode Fayemi made this clear while appearing before the House of Representatives as part of the ongoing Sectoral Debate organised by the House.

He also encouraged the House to consider the possibility of ensuring that states benefit from 13% derivation in the mining sector as in the oil and gas sector.