Nigeria’s Pension Assets Now N9.58trn, Contributors Hit 8.85 million

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

The National Pension Commission (PenCom) on Thursday disclosed that the number of registered contributors under the Contributory Pension Scheme (CPS) stood at 8.85 million while Pension Fund Assets (PFAs) was N9.58 trillion as at September 2019.

Director-General of PenCom, Aisha Dahir-Umar made the disclosure at the 2019 Journalists Workshop, with the theme, ‘Expanding Coverage of the Pension Industry’, organised by the commission in Benin, Edo State.

Dahir-Umar explained that the growth indeed justified the commission’s emphasis on the safety of pension funds as the bedrock of sustaining the Contributory Pension Scheme (CPS).

The PenCom boss assured stakeholders that the pension reform remained steadily on course.

“We have remained focused on concluding some of the pension industry’s transformational initiatives which the commission has been pursuing.

“These modest milestones, notwithstanding, the commission and pension operators are committed to actualising the growth potential of the industry.

“The theme of this workshop describes the commission’s current strategic focus, which aims to expand access to pension via the CPS, as a veritable tool for economic development,” she said.

According to her, the CPS aligns with the pension reform objective of old age poverty reduction and improvement in the welfare and general standard of living.

The director-general said the quest to expand coverage of pension was being pursued through some transformational initiatives, especially the Micro Pension Plan (MPP), launched by President Muhammadu Buhari in March.

She explained that the MPP targeted at the informal sector and self-employed was designed with significant flexibility in recognition of the peculiarities of the targeted population.

“It is our expectation that the media practitioners will utilise the opportunity of this workshop to understand the essence and workings of the MPP and amplify the same in their reportage for the overall benefit of Nigerians,” she said.

On the integrity of the PenCom database, Dahir-Umar said the commission had developed an in-house ICT application in June called the Enhanced Contributor Registration System (ECRS) to ensure personal details of participants were safe.

She also said the ECRS had also been integrated with the National Identity Management Commission (NIMC) database to help authenticate the uniqueness of individuals seeking to register under the CPS.

“The ECRS provides a platform for the registration of MPP and is a major step toward the introduction of the transfer window.

“This will enable contributors change to the PFAs of their choice, in line with section 13 of the Pension Reform Act (PRA) 2014,” she said.

The director-general, however, lauded the media for collaborating with the commission in ensuring effective report and advance public awareness on the tenets of the CPS and the successes recorded over the years.

She said, “We are committed to sustaining this worthy collaboration in the overall interest of pension contributors and retirees.”

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp