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.
I think the government should use the pension fund to invest in infrastructure projects instead of just letting it sit there.
Investing pension funds in projects is risky. Its meant for retirees, not government ventures.
I believe pension funds should be invested in more sustainable and ethical ways, not just for profit. Lets think long-term!
I dont think states should contribute to pension funds. Let people manage their own retirement savings. Thoughts?
I dont get why states are contributing billions to pension funds while basic infrastructure is crumbling. Priorities, anyone?
I think the government should use some of that pension fund money to invest in education and healthcare for the people.
I think its unfair that states are contributing so much to pension funds while neglecting other important public services. Priorities need to be reevaluated.
Pensions are earned benefits. They shouldnt be sacrificed for short-term fixes. Prioritize fair compensation across the board.
I think states should invest more in infrastructure instead of focusing solely on pension funds. Long-term benefits, right?
Why are states contributing so much to pension funds when there are pressing needs like infrastructure? Priorities need to be reassessed.
I dont get why states are contributing so much to pension funds when there are pressing social issues to address. Priorities, people!