The Nationwide Pension Fee (PenCom) says whole pension fund belongings elevated to N20.79 trillion in July.
PenCom mentioned states remitted N236.7 billion to the pension fund custodians (PFCs) as contributions from January 2020 to the second quarter (Q2) of 2024.
Omolola Oloworaran, performing director-general of PenCom, spoke on pension contributions on the fee’s the third quarter (Q3) 2024 consultative discussion board for states and the federal capital territory (FCT) in Lagos.
The discussion board was attended by heads of pension bureau, boards and commissions steering the implementation of the contributory pension scheme (CPS).
Additionally on the discussion board had been heads of service and senior authorities officers of some states that had commenced implementation of the scheme.
Talking on the occasion, Oloworaran mentioned based mostly on information, solely 25 states together with the FCT had enacted pension legal guidelines on the CPS, whereas six are getting ready to go the regulation.
She defined that six states had already adopted the contributory outlined advantages scheme (CDBS).
In accordance with Oloworaran, solely eight of the 25 states are totally implementing the CPS and have enacted legal guidelines.
The performing director-general additional mentioned the pension fund belongings beneath the scheme had risen, with whole belongings beneath administration hovering to N20.79 trillion as at July 2024.
“Pension fund belongings beneath the Contributory Pension Scheme, CPS, proceed to develop, with whole Belongings beneath administration hovering to ₦20.79 trillion as at July 2024,” she mentioned.
“We’re happy to notice the regular remittance of contributions by States, with over N236.7 billion remitted by States between January 2020 and the second quarter of 2024.
“It would curiosity state governments to notice that one of many vital advantages of adopting the CPS is entry to collected pension funds for infrastructural growth via issuance of state bonds.
“Certainly, 5 states, together with Lagos, Niger, Osun, Ekiti and Delta, have efficiently issued state bonds that had been subscribed by pension funds, for instance Lekki-Ikoyi Bridge in Lagos.”
Oloworaran mentioned the fee is dedicated to making sure that every one retirees from private and non-private sectors acquired their retirement advantages at once.
She, nonetheless, mentioned PenCom would have interaction the states in a sustained method and work in direction of increasing the protection of the CPS on the subnational stage.
“We can even intensify efforts with related state authorities companies to resolve the backlog in accrued rights funds to CPS retirees,” the PenCom boss mentioned.
“As well as, we’ll make sure that pensioners beneath the CPS and different pension preparations profit from pension increments as supplied for within the Nigeria structure.”
Oloworaran additionally mentioned from December 2025, PenCom would introduce a recognition and reward system to encourage and reward pension reforms by states.
She urged the individuals to make constructive contributions to the deliberations on the discussion board to help state governments’ roles in pension reform and implementation processes.
