Contributory pension assets hits N17.66trn – Report

The total assets under the Contributory Pension Scheme rose to N17.66 trillion as of the end of October 2023.

Figures obtained from the National Pension Commission (PenCom) on ‘Unaudited report on pension funds industry portfolio for the period ended October 31, 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted contributions @CBN & Legacy Funds)’ revealed recently.

According to the figures, N11.42 trillion of the assets were invested in Federal Government securities.

The assets were also invested in state government securities, corporate debt securities, money market instruments and mutual funds, among others.

The Pension Fund Administrators had earlier said that the industry recorded N7.98 trillion profit from investing contributions made by workers into their Retirement Savings Accounts under the CPS.

In a report obtained from the Pension Fund Operators Association of Nigeria, the total funds under the CPS stood at 17.37 trillion as of the end of the second quarter of 2023.

Contributions made by the workers from both private and public sectors stood at N9.37 trillion in the period under review.