THE National Union of Pensioners (NUP) has faulted government’s plan to use the accumulated N5.2 trillion contributory pension funds for infrastructural development.

The National President of the union, Dr Abel Afolayan and General Secretary, Actor Zal, in a statement in Abuja explained that the Minister saying, “I see a future for Africa led by Nigeria, using the resources of the people to build a future that include the people”, is misleading and unfortunate.

The statement read in part: “The NUP takes exception to the position expressed by the Hon. Minister and wishes to state that this statement is not only reckless but unfortunately. How on earth will government decide to use hard earned people’s money that is contributed for a specific purpose under the law and the money would be used for another purpose that has no backing of the law.”

NUP insisted that the Nigerian workers alongside other contributors are saving their money for the rainy day in order to make life better for themselves after retirement, and for government to think of diverting the money to infrastructural development without proper safeguards is unthinkable.

“What will be the fate of these people when they finally retire to fall back on their money and the money is nowhere to be found? The union is not totally against investing on infrastructural development per se but our fear is premised on the fact that there is high rate of impunity in the system coupled with the corruptive tendencies of our government officials who see pension money as a gold mine and their penchant for reckless infringement on pension funds as experienced under the old pension scheme,” the union said.

NUP stressed that if government is desirable of using the funds for infrastructural development, it must put foolproof safety nets that will ensure the safety of the funds.

It added: “If the Federal government must howee go ahead with its plan to invest pension fund on infrastructural development, the Union wishes to caution here that the government must ensure that a fool-proof mechanism such as financial tracking system, control and accountability must be put in place in addition to ensuring the operation of the recently released draft regulation on investment of pension fund assets by PENCOM to guide the investment of pension assets to further safeguard the pension funds.”