The federal government has unveiled a strategic plan to harness the N20 trillion pension fund and other locally available resources for infrastructure development in Nigeria.
Coordinating minister for the economy and minister of finance, Wale Edun, disclosed this at the end of the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
According to him, the government is focused on tapping into domestic financial resources, particularly pension and life insurance funds, to leverage local funds for national growth.
Edun noted that it was a significant step towards driving economic progress and addressing critical infrastructure needs.
He further stated that with over N20 trillion available funds within the country, there is a clear opportunity to channel these resources into vital sectors such as housing and long-term mortgage provision.
The minister said the move is part of the government’s efforts to bridge Nigeria’s estimated 20 million housing deficits and to provide massive housing and mortgage loans at 12 percent interest rates, with 25-year repayment plans.
