In a functioning democracy, the end of an election marks the beginning of a new phase of governance and nation-building. Ideally, the winner focuses on building the country with support from critical stakeholders, while the opposition continues to play a vital role in holding the government accountable and providing constructive criticism.
In advanced democracies, we’ve seen examples of this dynamic at play, such as elections contested between George Bush Jr. and Al Gore and a couple of others when main challengers retreat to prepare for the next phase of their lives after fierce contests at the polls.
This does not imply that those in power are given carte blanche to act with impunity, by disregarding the rule of law or the dignity of human values.
As a matter of fact, the civilised countries today don’t joke about holding their leaders accountable for their actions. In other words, they understand that their democracy will suffer once it devoid of robust debate that’s the hallmark of the system of government.
But, in Nigeria’s case, separating both politics and policy, particularly from opposition figures is often a fraught issue. From bickering to outright manipulation of the public against the government, this norm has become a repeated and recurrent problem slowing down the pace and progress country’s democratic trajectory.
Atiku’s false alarm
Alhaji Atiku Abubakar, former Vice President, and the Minister of Finance, Mr. Wale Edun, were at the centre of public discourse earlier this week over the Pension Fund initiative the government is planning on tapping for investment.
Mr. Edun had informed the public that the federal government intends to use N20 trillion from the Pension Fund for infrastructure projects, noting that the government was ready to follow the established rules and regulations governing those funds strictly.
But his terse statement quickly became the subject of intense debate online, with opposition supporters adding a contentious background to the story.
Following the outrage and backlash that greeted the minister’s statement, the former Vice President quickly joined the chorus, echoing similar sentiments by people who assumed the government decision might hurt the economy more than it heals.
Alhaji Atiku dismissed the initiative as illegal and demanded an immediate halt to such a move. “It is a misguided initiative that could have disastrous consequences for Nigeria’s hardworking men and women who toiled and saved and who now survive on their pensions after retiring from service,” he stated in a statement posted on his verified X handle.
Further, the former Vice President called the initiative “another attempt to perpetrate illegality by the Federal Government.” He added that the government must be cautious to act strictly within the provisions of the Pension Reform Act of 2014 (PRA 2014), along with the revised Regulation on Investment of Pension Assets issued by the National Pension Commission (PenCom).
Edun’s Rebuttal
Experts believe that the former Vice President was only being mischievous, having realized an information gap in the minister’s statement, before shooting his shot without reflecting on the outcome of his missiles on the economy.
The minister’s rebuttal would soon follow Alhaji Atiku’s jibes, “The pension industry, like most other financial industries, is highly regulated, with rules and limitations about what pension money can invest in and what it cannot.”
He also clarified that the federal government has no intention to go beyond those limitations and outside those bounds that are there to safeguard workers’ pensions.
While experts have raised concerns about the overt politicization and polarization of critical issues that have the capacity and potential to enhance the country’s economic recovery plan, posting that politicians must not play politics that will hurt the economy in the long run, they equally tasked government officials to prioritise offering comprehensive information on policy thrusts to avoid misinformation and disinformation from undermining the noble intention of the government.
