Connect with us
Switch
Advertisement
Crypto
Advertisement
Samsung
Advertisement
Polaris bank
Advertisement
Esetech
Advertisement
Payfarmer
Advertisement
Patricia
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business News

FG says proposed N2 trillion pension fund debt would come via bonds 

FG has disclosed that the N2 trillion it intends to borrow from the current N10 trillion pension funds will be through bonds. 

Published

on

FG says proposed borrowed N2 trillion pension fund would come via bonds ,El-Rufai recovers from COVID-19, kicks off daily meeting of state standing committee

The Federal Government (FG) has disclosed that the N2 trillion it intends to borrow from the current N10 trillion pension funds to finance the development of infrastructure will be through bonds.

According to a source in the National Economic Council (NEC), the funds would be deployed as bonds, which would bring returns when raised and invested. The source said this is better than allowing it to lie idle.

FG says proposed borrowed N2 trillion pension fund would come via bonds 

National Economic Council

“This is not free money; it’s through investment as bonds. It is not like the Federal Government will just dip hands into the pensions fund and begin to spend the N2tn. When it is raised and invested, it means the private sector can also access the money, use it for investment in infrastructure.

“There will be returns on investment and the principal can be recovered as well. So, the process continues, as against allowing the pension money to lie idle. The pension fund was contributed by both workers and the government as stipulated by law. The money is not for workers alone,” the NEC official told Punch.

Specta

Nairametrics had reported when the Governor of Kaduna State, Mallam Nasir El-Rufai announced the committee’s decision to tap into the pension funds. He made known that the committee’s decision was in line with the Pension Reform Act 2004, which empowers the government to borrow 20% of the fund to address national issues.

[READ MORE: FG to repatriate fresh $321million Abacha loot, to be spent on road construction)

The disclosure was made at the National Economic Council (NEC) meeting presided over by the Vice President, Yemi Osinbajo, in Abuja.

El-Rufai said the funds would be used for infrastructures such as rail and power projects. He said the committee had identified three areas (rail, road and power) where the pension funds would be invested, He restated that the borrowing would be done through bonds with private companies investing in road and rail infrastructure and paying within a period of 20 years.

Crypto

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

1 Comment

1 Comment

  1. Mordi Obidinma Patrick

    February 1, 2020 at 5:04 pm

    The NEC proposals to borrow 20% of PF and invest it on roads,power and rail is a good development.
    NEC,should know that Employees money has to be provided at a good time to pay their retirement benefit.
    Delay to pay retirees after serving FGN,State and LG is error,the Govt introduced CPS to ease payment why is it that delay is still there.
    The FGN should pay the accrued pension right from June2004 down,the PFAs are waiting for PENCOM to release the Bond or accrued. Pension.
    Thanks.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

Whatsapp to require biometric authentication for PC and web access

WhatsApp is adding a new biometric feature to confirm users’ identity when linking accounts to PC or the web.

Published

on

WhatsApp is adding a new biometric feature to confirm your identity when you want to link your WhatsApp account to a PC or the web.

The social media app is rolling out this new feature for its web and desktop apps, which will let people create an additional authentication layer using biometrics when they want to use WhatsApp on desktop or web.

Users will now have the option (not a requirement) to add in a biometric login, which uses either a fingerprint, face ID, or iris ID — depending on the device — on Android or iPhone, to add in the second layer of authentication.

When implemented, it will appear for users before a desktop or web version can be linked up with a mobile app account.

WhatsApp told TechCrunch that it is going to be adding in more features this year to bring the functionality of the two closer together. There are still big gaps: for example, you can’t make calls on the WhatsApp web version.

Specta

To be clear, the biometric service, which is being turned on globally, will be opt-in: users will need to go to their settings to turn on the feature, in the same way, that today they need to go into their settings to turn on biometric authentication for their mobile apps.

WhatsApp has added that it will not be able to access the biometric information that you will store in your device and that it is using the same standard biometric authentication APIs that other secure apps, like banking apps, use.

This new feature will work alongside another, which sends your phone notifications whenever somebody logs into your account on the web or a computer.

What you should know

  • The company has been getting a lot of backlashes since it announced it will now share its users’ personal information, including phone numbers, IP addresses, contacts, and more with Facebook from February 8, 2021.
  • WhatsApp’s new privacy policy forced many users to quit the app and to seek alternatives in Signal and Telegram

Crypto
Continue Reading

Economy & Politics

Nigeria, now 2nd most corrupt country in West Africa – Transparency International

Nigeria is now the second most corrupt country in W/Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.

Published

on

Military located bandits in kankara, Q1 2020 National Debt report, Buhari finally speaks on NDDC probe, urges NA to act with a sense of urgency,National Human Rights Commission,Presidency bows to pressure, agrees to demand made by EndSARS protesters, Our economy is too fragile to bear another round of lockdown-Buhari, Zarbarmari: Massacre by Boko Haram is nothing short of senseless, barbaric, gruesome and cowardly- Buhari

The Corruption Perception Index (CPI) 2020 report published by Transparency International indicates that Nigeria occupies the 149th position out of the 180 countries surveyed as well scored 25 out of 100 points.

With the current ranking, Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country more corrupt than Nigeria in the sub-region.

It can be recalled that in the 2019 report, Nigeria was ranked 146th out of the 180 countries surveyed, scoring 26 points out of 100 points.

What you should know 

  • The Corruption Perception Index (CPI) is an annual survey report published by Berlin-based Transparency International since 1995 which ranks countries by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.
  • The CPI scales zero (0) to 100, zero means “Highly Corrupt,” while 100 stands for “Very Clean”.
  • Nigeria’s ranking on the corruption perception index has continued to drop in the last four years.
  • With the current ranking, Nigeria is two steps worse off than she was in 2018 when she scored 27 points to place 144th out of 180 countries.
  • Only 12 countries are perceived to be more corrupt than Nigeria in the whole of Africa. The countries are the Democratic Republic of Congo, Libya, Equatorial Guinea, Sudan, Somalia, Zimbabwe, Chad, Eritrea, Burundi, Congo, Guinea Bissau, and South Sudan.
  • Somalia and South Sudan remain the most corrupt nations on earth, according to the CPI 2020 ranking.
  • Denmark, New Zealand, Finland, Singapore, Germany, Sweden Switzerland, Norway, The Netherlands and Luxembourg are the least corrupt countries in the world.

Continue Reading

Business

Significant progress made in China-Africa ties within cooperation framework – AUC Chairperson

AUC chairperson has disclosed that significant, sustained progress is being made in China-Africa ties within cooperation framework.

Published

on

The African Union Commission (AUC) Chairperson, Moussa Faki Mahamat, has said that “significant and sustained” progress has been made in China-Africa ties.

Mahamat asserted this in an analysis of his first-term as the AU Commission chairmanship.

He reiterated the AU Commission’s strong commitment to upholding multilateralism and supporting international partners in halting the trend of unilateralism.

He argued that “International cooperation and solidarity are irreplaceable.”

Mahamat, in his analysis, reiterated that global challenges, national egoism, the decline of multilateralism, the ongoing COVID-19 pandemic, and dwindling resources “have hampered our forward march” during the past four years.

Specta

The AU Commissioner for Social Affairs Amira Elfadil recently also hailed China as a strategic partner of Africa.

What they are saying

  • Mahamat submitted that: “With China, significant and sustained progress has been made within the framework of the Forum on China-Africa Cooperation (FOCAC).
  • “Africa stands with those who fight unilateralism and strongly advocate for a multilateralism of respect, equality and mutual benefit.”

 

  • Amira Elfadil noted that: “We are looking for those who are serious about the future of this continent, and when we say strategic partners and mention strategic partnerships, China comes first and we appreciate this partnership very much.”

What you should know

  • The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent. It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
  • The African Union Commission acts as the executive/administrative branch or secretariat of the AU and consists of a number of Commissioners dealing with different areas of policy.

Continue Reading
Advertisement




Advertisement