Public sector contributed N107.7bn to Nigeria’s pension scheme in Q4 2021 – PenCom

Workers in the public-sector contributed N107.78 billion to Nigeria’s pension savings in the fourth quarter of last year, the National Pension Commission has revealed.

A data from PenCom obtained by Ripples Nigeria on Wednesday showed that total pension contributions remitted to individual Retirement Savings Accounts (RSAs) in Q4 2021 stood at N208 billion.

Therefore, the public sector accounted for 51.82 percent of the total pension contributions for the period.

The private sector contributed N101.71 billion or 48.18 percent.

For the 12 months of 2021, the total pension contributions was N879 billion.

The public sector contributed N491.74 billion to the scheme compared to N387.4 billion for the private sector.

READ ALSO: Nigeria’s pension fund hits N12.4tr – PenCom

In 2020, public sector contributions stood at N536.97 billion, while the private sector contributed N371.12 billion.

Further analysis of the data revealed that private sector workers contributed more to the pension scheme from 2014 to 2019.

The decline in private sector’s contributions had been attributed to the onset of the COVID-19 pandemic and economic recession in the country.

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