Pension’s Contributory Scheme Hits N14trn … Gains N640bn In Four Months

The total sum that has been contributed so far under the Contributory Pension Scheme has risen to N14.06trillion, the pension Commission has revealed.
According to figures released from the National Pension Commission at the weekend, the total sum of N640billion was raked in four months, as at the end of April this year.
The National Pension Commission’s latest report titled, ‘Unaudited report on pension funds industry portfolio for the period ended 30 April 2022″, revealed that the package includes Approved Existing Schemes, Closed Pension Fund Administrators, and Retirement Savings Account (RSA) funds, including unremitted contributions at CBN and legacy funds.
The funds, which ended December 31, 2021, at N13.42trillion, rose to N13.61trillion and N13.76trillion as at the end of January and February 2022 respectively, and further rose to N13.88trillion by the end of March.
The data showed that N8.56billion 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.
In the report update, 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.
Chief Executive Officer, Pension Fund Operators Association of Nigeria, Mr Oguche Agudah, had said that  the Contributory Pension Scheme in its current state has in no small way fostered a savings culture in Nigeria.
“Many Nigerians do not have any other form of savings, except through this contributory pension scheme. What we should be doing as a nation is to encourage more of these savings rather than looking to dismantle the system.
“This is probably the only form of savings most Nigerian workers are able to put aside for their retirement years”, he stated.

By: Corlins Walter