The National Economic Council (NEC) on Thursday endorsed the decision of the Federal Government to borrow N2 trillion from the current N10 trillion pension funds to finance infrastructural development in the country.
The council which took the decision at a meeting in Abuja, also pronounced a national emergency on the power sector.
Kaduna State governor, Mallam Nasir El-Rufai who spoke at the NEC meeting also disclosed that the Federal Government had pumped N1.7 trillion into the sector in the last three years with little or nothing to show for it.
El-Rufai also stated that the decision to borrow from the pension fund was reached by the NEC committee he chaired, arguing that the committees’ decision is consistent with the Pension Reform Act 2004, which empowers the government to borrow 20% of the fund to address national issues.
