The Federal Executive Council (FEC) has approved a plan to deduct N20 trillion from pension and life insurance funds to finance infrastructure development in Nigeria. According to Minister of Finance Wale Edun, the funds will be used for projects such as housing and long-term mortgages.
Edun emphasized that Nigeria has resilient people and a resilient economy, and that the country has sufficient long-term funds to support infrastructure development. He noted that the pension and life insurance industry has over N20 trillion available, which can be leveraged to fund growth through infrastructure investment.
The plan aims to partner with the private sector to drive economic growth, funding house construction and providing mortgages to support demand. This initiative will also offer affordable mortgages to Nigerians who have saved through pension funds.
The minister expressed optimism about the plan, stating that it brings together the best minds in Nigeria to achieve economic growth and development. The initiative is expected to have a significant impact on the country’s infrastructure and economy.