Contributory Pension Assets Increased to N14.9 trillion.

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The total assets under the Contributory Pension Scheme rose by N1.56tn in 2022, according to figures obtained from the National Pension Commission.

PenCom disclosed in its latest ‘Report on pension industry portfolio for the period ended 31 December 2022’ that the funds, which ended December 31, 2022, at N13.42tn, rose to N14.99tn by the end of December 2022.Contributors in the scheme rose slightly by 333,002 from 9,529,127 as of the end of 2021 to 9,862,129 in the corresponding period of 2022.

According to the figures, N9.64tn or 64.33 per cent of the assets was invested in the Federal Government of Nigeria’s securities, N1.66tn was invested in corporate debt securities, N1.98tn was invested in money market securities and N82.8bn in mutual funds among other investment portfolios.

In the 2022 third quarter report of the pension industry, the Director-General, PenCom, Aisha Dahir-Umar, said despite the overwhelming head-winds in the global economic climate and the country’s challenging macroeconomic environment, the pension fund assets under management increased.

She said PenCom’s efforts at diversifying investments of pension funds and hedging against inflation had gradually begun to yield results.

She said, “Perhaps, the most significant achievement recorded in the third quarter of 2022 was the successful issuance of guidelines on accessing RSA”Balance towards payment of equity contribution for residential mortgage.


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