The National Pension Commission says the total pension fund assets under the Contributory Pension Scheme has risen to N21.92tn as of October 2024.
Director General of PenCom, Ms. Omolola Oloworaran, made this known during the 2024 PenCom Media conference in Abuja.
Oloworaran who attributed this achievement to contributions from 10.53 million registered participants, noted that it is expected to surpass N22tn by the end of the year.
She highlighted the Commission’s commitment to safeguarding contributor savings through prudent management and sustainable growth practices.
“As of October 2024, the CPS has recorded 10.53 million registered contributors and boasts pension fund assets of N21.92tn. These numbers reflect our unwavering commitment to fund safety, prudent management, and sustainable growth” she added.
“However, the economic realities of 2024 and preceding years present unique challenges. High inflation, the devaluation of the Naira, and the lingering effects of unorthodox monetary policies have eroded the real value of pension funds, impacting contributors’ purchasing power.
“To address these challenges, PenCom has initiated a comprehensive review of the Investment Regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency denominated investments.
“Our goal is to safeguard contributors’ savings and ensure resilience against future economic volatility.”
She said that expanding pension coverage remains a top priority for the Commission, adding that the Commission has revamped Micro Pension Plan and leveraged technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement.
“We are also addressing delays in retirement benefit payments to retirees of Federal Government treasury-funded MDAs.
“Recently, N44bn was released under the 2024 budget appropriations to settle accrued pension rights for retirees from March to September 2023. Moving forward, we are working with the Federal Government to institutionalize a sustainable solution, ensuring retirees receive their benefits promptly and without undue stress”, she added
On the outlook for 2025, the PenCom DG said the Commission would integrate technology into every aspect of the pension industry.
“As we integrate technology into every facet of the pension industry, we are shaping a future where the CPS becomes more accessible, reliable, and sustainable” Oloworaran stated.
However, this transformation requires your unwavering support as media practitioners. Your role in amplifying our efforts and enlightening stakeholders across Nigeria is crucial.
“Together, we can ensure that every Nigerian, including the most vulnerable, has access to a secure and dignified retirement.
“I extend my heartfelt gratitude to you, our esteemed media partners, for your dedication to enlightening Nigerians about the CPS. Your collaboration is indispensable to our mission of securing the future of millions.” (Prompt online)
