Pension Fund Increases By N17 Billion In One Month
The National Pension Commission (PenCom) has recorded N17 billion increase in assets in just one month.
The data obtained from the commission showed that pension assets were N8.74 trillion in January 2019 and increased to N8.91 trillion in February 2019.
The pension industry regulator further revealed that the total Retirement Savings Account (RSA) fund as at January was N6.66 trillion and moved to N6.78 trillion in February while the Government securities fund in January was N5.08 trillion and N5.19 trillion in February.
PenCom maintained that investments in Banks was N522.16 billion in January and moved to N599.21 billion in February; State Government securities got N141.46 billion in January and N139.62 billion in February and Real Estate Properties got N231.66 billion in January and N231.34 billion in February.
PenCom stated that RSA holders stood at 8.57 million in February as against 8.46 million in January. Male RSA holders were 6.04 million, while female 2.52 million and the private sector continued to dominate with 4.92 account holders and the public sector 3.53 million.
The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar, confirming the increase in the pension fund said the N8.91 trillion worth of pension assets is sure going to change the financial landscape of Nigeria.
She further applauded the Contributory Pension Scheme (CPS) as being very impactful in Nigeria since the commencement of its implementation in 2004.