PenCom boosts pension assets from N20.7tn – N31.48tn in 2 years

Omolola Oloworaran, the Director General, National Pension Commission, (PenCom), has disclosed that pension assets in Nigeria have grown from N20.79 trillion to N31.48 trillion – more than N10.7 trillion in new retirement wealth. Oloworaran stated this while briefing journalists at the Meet the Press, organised by the Presidential Media Team at the Presidential Villa, Abuja […]

Omolola Oloworaran, the Director General, National Pension Commission, (PenCom), has disclosed that pension assets in Nigeria have grown from N20.79 trillion to N31.48 trillion – more than N10.7 trillion in new retirement wealth.

Oloworaran stated this while briefing journalists at the Meet the Press, organised by the Presidential Media Team at the Presidential Villa, Abuja on Tuesday.

She stressed that apart from the fifty-one percent increase, in just two years, the system is growing with over 900,000 new contributors joining the scheme, saying “this is only the beginning.”

Oloworaran attributed the growth to renewed public confidence in the pension system, adding that reforms introduced by President Bola Tinubu’s administration had strengthened the industry’s credibility and increased participation.

“Every successful pension system is built on a simple foundation of confidence. Confidence that contributions are safe, confidence that institutions work, confidence that after decades of honest labour, retirement will bring security, not uncertainty.

“Pension assets have grown from N 20.7 trillion to N 31. 48 trillion as at this month. That is a 51 per cent increase, representing N10.7 trillion in new retirement wealth.

“Let me say plainly what those numbers mean: confidence is back, and the system is growing,” she said.

The PenCom boss noted that the growth was driven not only by improved investment performance but also by increased enrolment, with 938, 938,229 new contributors joining the Contributory Pension Scheme over the past 24 months.

She further disclosed that following the implementation of the new national minimum wage, the Federal Government approved a N 32, 000 monthly consequential pension adjustment for eligible retirees of treasury- funded Ministries, Departments and Agencies who retired on or before July 29, 2024.

She said more than 195,000 pensioners have already benefited from the upward review, describing it as part of the administration’s commitment to improving the welfare of retired public servants.