Business
Pension assets hit N14.9trn as govt borrows N8trn
The National Pension Commission (PenCom) has disclosed that ñbbjnjvalue of pension fund assets has increased to N14.59 trillion as at the end of October 2022.
This is a 7.20 per cent or N909 billion increase when compared to N13.6 trillion, it stood as at January 2022.
PenCom stated this in the monthly pension report that captured the assets under management by Pension Fund Administrators (PFAs).
According to figures, the total pension assets also increased by N164.44 billion from N14.424 trillion in September.
The commission also revealed that the number of Retirement Savings Account (RSA) holders in the Contributory Pension Scheme now stand at 9,850,094.
Read also:Nigeria recovers £26.5m Colonial Pension Fund From UK
It also noted that 84,000 have enrolled into the Micro pension plan (MPP) as of the end of September.
Regarding assets distribution on investment, Federal Government securities continue to maintain a leadership position with 63.23 per cent of the total assets amounting to N9.225 trillion, dominated by FGN bonds worth N8.840 trillion.
Money market instruments followed with 14.91 per cent of the total assets under management, equal to N2.175 trillion, with fixed deposit/bank acceptance dominating with N2.036 trillion.
State government securities were third with 10.46 per cent equal to N1.527 trillion, while domestic ordinary shares were N828.167 billion, equal to 5.68 per cent of the total assets.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...