Minister of finance and the coordinator of the economy, Wale Edun, says the federal government has no plan to “illegally access” workers’ pension funds following reports of a move by President Bola Tinubu’s administration to withdraw 20 trillion naira from the pension purse.

“It has come to my notice that there are stories making the rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers,” Mr Edun said in a video released by the ministry on Thursday.

Mr Edun had earlier this week told the media of the government’s plans to move 20 trillion naira from pension funds for investment in infrastructural development after the federal executive council meeting held on May 13 and 14 at the Presidential Villa and presided over by Mr Tinubu.

He disclosed that the funds would be invested “in housing, power, rail, roads, water transport, even technology” to improve Nigeria’s economic growth, create jobs, and reduce poverty, but the news immediately sparked widespread condemnation from Nigerians on social media.

However, many netizens claimed the plan to move 20 trillion naira from pension funds is part of the government’s disguise to steal and launder public money.

Speaking further on Thursday, Mr Edun noted, “Nothing could be further from the truth. The pension industry, like most of the financial industry, is highly regulated. There are rules, there are limitations about what pension money can be invested in and what it cannot be invested in.”

“The Federal Government has no intention whatsoever to go beyond those limits and go outside those bounds which are there to safeguard the pensions of workers,” he added.