The National Pension Commission has announced a significant increase in pension fund assets, which have reached N20.79 trillion as of July 2024. This milestone was disclosed by Omolola Oloworaran, Acting Director General of the Commission, during the Quarterly Consultative Forum held in Lagos on Wednesday. The forum brought together pension bureaus, boards, and commissions from states and the Federal Capital Territory to discuss developments in the pension sector.
Oloworaran highlighted the substantial growth in the contributory pension scheme, reflecting the robust performance and expansion of Nigeria‘s pension assets. This increase underscores the effectiveness of the contributory pension system in accumulating and managing retirement funds.
Additionally, Oloworaran reported that states have collectively remitted over N236.7 billion into the pension scheme between January 2020 and the second quarter of 2024. This significant contribution from various state governments demonstrates a strong commitment to funding and supporting the pension system, further enhancing its sustainability and reliability.
The rise in pension fund assets and the substantial state contributions are positive indicators of the health and growth of Nigeria’s pension industry. They reflect ongoing efforts to ensure that retirement benefits are secure and adequately funded, providing a stable financial future for retirees across the country.
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