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Pension assets hit N14.9trn as govt borrows N8trn

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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.

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