Contributory Pension Assets Rise to N14trn

The total assets in the National Contributory Pension Scheme rose by N640bn in four months to N14.06tn in April, figures released by the National Pension Commission have shown.

The Contributory pension scheme is a savings system for Nigerian workers where both employers and employees make a contributory payment into their retirement/pension fund.

The report is titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions (CBN & legacy funds).’

According to the report, December 31, 2021 ended at N13.42tn, which rose to N13.61tn and N13.76tn as of the end of January and February 2022 respectively.

It further rose to N13.88tn by the end of March, according to the data.

The data also showed that N8.56tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills, including domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds, and supranational bonds.

Also, the pension commission noted that the total number of workers with Retirement Savings Accounts rose slightly to 9.648 million by the end of April, from 9.529 million at the end of December 2021.

PENCOM/Hauwa Abu