CPIN urges government to focus on capital projects to tackle economic woes
The Certified Pension Institute of Nigeria (CPIN) has charged the Federal Government to redirect its focus on the development of capital project as a veritable way of exiting the economic recession.
Speaking at its investiture and induction ceremony in Lagos, President and Chairman of Council, CPIN, Umaru Kwairanga, said as the pangs of economic recession continues to bite harder on the country, it is quite worrying to know that many stakeholders still do not totally grasp how recession works or what it means and what government needs do.
Kwairanga admitted that there many factors that contributed to the country’s falling into recession, but identifying inflation as the major cause.
The President, who was represented by a member of the governing council, Femi Odufowokan, said the underlying principle to all should be to cut back heavily and reduce spending while government should focus on capital projects.
He said: “If the government cannot eliminate the recession at this time, each individual should endeavour to get out of recession.
“As individuals, we need to apply cost reduction in every spending, a lot of individuals have been in recession even before the government’s declaration,” he stated.
He charged its newly inducted members to be good ambassadors, conducting themselves in manner that shows professionalism and expertise.
Group Managing Director of Pension Scope Limited, Peter Adediji, said the present economic recession is capable of affecting the growth of pension fund.
Adediji who doubles as the guest speaker delivered a paper titled, ‘Pragmatic retirement benefits in the face of economic recession and beyond’, said: “We know so many things are factored towards recession but it should not get beyond a specific period where having an unset recession may have a negative impact on the economy.”
While it is good to possess a solid planning in place, he stated that individuals should, and must still plan for the simple reason of understanding the potential post-retirement risks to mitigate the effect and manage them when it becomes real.
He advised the inducted members to be of good character, performing in tandem with professional standards.
“They should continue to strive at all time despite the tough times experienced and make sure at all times they exhibit professional input that the institute has impacted on them to survive the recession, ” Adediji said.
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