The National Pension Commission (PENCOM) has disclosed that total pension contributions grew by N167.74 billion in the fourth quarter of 2020.
The fourth quarter contribution therefore pushed the cumulative pension contributions received from both the public and private sectors from inception to N6.70 trillion at the end of 2020, up from the N6.54 trillion as at the end of the third quarter 2020, representing a growth of 2.45 percent in three months.
According to data obtained on Tuesday, of this sum contributed in fourth quarter, the Public sector paid N86.93 billion while the private sector contributed the sum of N80.81 billion.
The report also noted that the aggregate total pension contributions of the public sector increased by 2.60 percent from N3.35 trillion as at the end of the third quarter, 2020 to N3.43 trillion as at the end of the reporting period.
While, the aggregate total pension contributions of the private sector on the other hand increased by 2.53 percent from N3.19 trillion recorded in Q3, 2020 to N3.27 trillion as at the end of the reporting period.
PenCom also revealed through Micro pension registration and contribution artisans paid in N89.68 million into their retirement savings account as at December 2020.
Out of the sum N25,024,528.08 was contributed in the fourth quarter of 2020 alone.
According to the commission the contribution was made by 62,463 artisans who have opened retirement savings accounts with Pension Fund Administrators since it was created in March 2019.
Furthermore, PenCom data shows that the total value of pension fund assets as at December 2020 was N12.31 trillion, comprising of N8.51 trillion for the RSA ‘Active’ Funds, N962.66 billion for the RSA Retiree Fund.
Others are N1.56 trillion for the Closed Pension Fund Administrator (CPFA); and N1.27 trillion for the Approved Existing Schemes.
A collapse of the Pension Fund Assets shows Federal Government Securities (FGN) accounted for 66.07 percent of the total assets.
Distribution of the investment shows FGN Bonds accounts for 60.01 percent; Treasury Bills: 5.10 percent, Agency Bonds 0.09 percent Sukuk 0.76 percent and Green Bonds 0.11 percent.
Join the conversation
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...