ABEOKUTA – As Nigerians kicked against the proposed borrowing of N17trillion from the pension funds by the Nigerian Governors, the former President, Nigerian Institute of Town Planners (NITP), Alhaji Waheed Kadiri has said there was nothing wrong if the loan is for investment and paid back with interest.
Alhaji Kadiri made this known at the weekend at the second Annual General Meeting and End of the year party of Old Students Association, Ahmadiyya Grammar School, Eleyele, Ibadan (1984 set) held in Abeokuta.
The former Rector, Moshood Abiola Polytechnic, Abeokuta maintained that pension fund should not be idle and should be invested to get more return.
Kadiri who is also the Chairman, African Planning Association (APA) noted that, the pension funds which has accumulated over the years, should be invested by the governors and pay back with interest.
His words, “We have a wrong impression about what Pension fund is all about. The pension funds should not idle, it should be invested to get more return. But because of lack of trust in government, we felt offended.
“If the accumulated fund is being invested there’s nothing wrong about it. We have bad culture in Nigeria, we have people borrowing loans without paying back and that is what is killing the economy.
“My position is that, the fund should be for investment. If the Governors are taking it and paying back with an interest there’s nothing bad in it.”
Speaking on the topic, “Life After Retirement”, Tpl. Kadiri noted that the challenges many retirees are confronted with after retirement are; low level of income, challenge of time utilisation and additional family and social responsibilities.
He advised that, Nigerian workers should start preparing early for their retirement by knowing their net worth, income and lifestyle needs, invest their time in associations, religious organizations and always keep busy.