News
States Borrow N151.95bn From Pension Funds

Pension fund operators have invested N151.95billion of the increasing pension funds under the Contributory Pension Scheme in state governments’ securities as at the end of the second quarter of 2018.
Figures obtained from the National Pension Commission revealed that this amounted to 1.8 per cent of the total pension funds, which stood at N8.23trillion in the period under review.
The commission had also barred the pension operators from investing the increasing funds in state government’s securities that had yet to comply with the Contributory Pension Scheme.
According to the commission, 27 states have enacted laws on the CPS, while eight states are at the bill stage. One state, however, has yet to commence the process of enacting the law on the CPS.
The commission noted that 12 out of the 36 states had commenced remittance of contributions into the RSAs of their employees, while eight states had commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts.
PenCom also revealed that the operators had invested a substantial part of the pension funds in the Federal Government’s bonds and treasury bills.
The commission’s report stated that some of the money was invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/close-end funds.
Other investment portfolios where the operators invested the funds are real estate investment trusts, private equity funds, infrastructure funds, cash and other assets.
The acting Director-General, PenCom, Ms. Aisha Dahir-Umar, said the pension funds had improved the savings culture of workers and constituted a pool for investment.
According to her, the sector contributed about 6.54 per cent to the country’s gross domestic product as of March.
Dahir-Umar added that the fund had provided capital that further deepened the financial markets.
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension