Contributory Pension Gains N640bn In Four Months

According to figures from the National Pension Commission, the total assets under the Contributory Pension Scheme rose by N640 billion in four months to N14.06tn in April.

This was contained in the National Pension Commission’s latest report 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).’

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

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

The data showed that N8.56tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills.

Other investment portfolios where the funds were invested included: domestic and foreign ordinary shares; corporate debt securities comprising corporate bonds; corporate infrastructure bonds; corporate green bonds, and supranational bonds.

PenCom also disclosed 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. 

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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