ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home National

Pension funds hit N8.45trn –FG

15th January 2019
in National
1
pension Commission
Share on FacebookShare on Twitter

Uche Usim, Abuja

Latest operational report from the National Pension Commission (PenCom) has revealed that Nigeria’s Pension Assets under the Contributory Pension Scheme (CPS) now stands at N8.45 trillion.

Details of the fund show that it gained N90 billion within a month as the balance rose from N8.34 trillion at the end of September 2018 to N8.45 trillion at the end of October 2018.

The report also shows that 8.41 million workers pooled from the public and private sectors have been absorbed into the new pension scheme.

The report noted that the fund growth was particularly remarkable as it defied state governments’ N200 billion debt pension arrears billion and the Federal government’s default in the payment of pension entitlement of its workers.

Closer scrutiny of the pension assets indicates that the private sector was the main driver of the growth as more firms regularly joined the scheme.

The pension fund operators have, however, invested over N6.05 trillion, translating to 71.68 per cent of the pension assets, into Federal Government securities.

READ ALSO: China makes history, grows first seeds ever on moon

Of the money invested in FGN securities, N4.33 trillion, representing 51.32  per cent of the total pension fund, was invested in Federal government bonds.

Pension operators equally invested N1.65 trillion into Treasury Bills, N718.7 billion into Local Money Market Securities and N526.2 billion in Corporate Debt Securities.

With the Retirement Savings Account (RSA) fund now divided into a mutifund structure, that is, from Fund 1 to Fund 4, it reflected in the structure of the pension fund as at October 2018, with N6.55 trillion now in RSA Fund 1, while RSA Fund 2 has N3.75 trillion.

N2 trillion is in Fund 3, even as Fund 4 has N654.2 billion.

Recall that the acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, had said, by the Pension Reforms Act (PRA) 2014, both the employers and the employees must, on a monthly basis, jointly contribute 18 per cent of their incomes into the RSA of employees, which would accumulate with time to make them retire well.

Tags: contributory pension schemenational pension commission (pencom)
Ajiri Daniels

Ajiri Daniels

Sun News Online Team

Related Posts

Murder of OAU Student: Adedoyin, staff close case, set for adoption of final addresses
National

Murder of OAU Student: Adedoyin, staff close case, set for adoption of final addresses

2nd February 2023
Atiku's PCC accuses Wike of working for Tinubu
Elections

Atiku’s PCC accuses Wike of working for Tinubu

2nd February 2023
ECOWAS, IPAC task political actors in South East, South-South on peaceful election
National

ECOWAS, IPAC task political actors in South East, South-South on peaceful election

2nd February 2023
Next Post
INEC

Monarch raises alarm over buying, selling of PVCs

sokoto

Sokoto buries 26 victims of armed bandits' attack

POLICE

Robbers kill policeman, injure others in Rivers

Comments 1

  1. Jan Hazo says:
    4 years ago

    Yes a progressive achievement but.. Why is it that with all these funds, Nigerian Pensioners under the Contributory Scheme still have to “wait” for up to twelve months or even longer after retirement before their entitlements are processed. Where has all the huge funds collected gone to? There is definitely a cause for concern here because Nigerian Pensioners under the Contributory Scheme are still not paid their entitlements promptly. WHY?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

FG poised to tackle snags facing at-risk children — Yusuf 

CBN, Police, EFCC, others to prosecute naira abusers, vendors

Mo Abudu, Betty Irabor, Funmi Iyanda, others to speak at 2023 self-made woman conference 

Respect your age, step down for Kwankwaso, NNPP tells Atiku 

Benue 2023: 12 aspirants to participate in Benue APC governorship rerun

Cash squeeze bites harder in Awka

Trending

Murder of OAU Student: Adedoyin, staff close case, set for adoption of final addresses
National

Murder of OAU Student: Adedoyin, staff close case, set for adoption of final addresses

2nd February 2023
0

From Lateef Dada, Osogbo The owner of Hilton hotel where Timothy Adegoke, a Master's student of Obafemi...

Atiku's PCC accuses Wike of working for Tinubu

Atiku’s PCC accuses Wike of working for Tinubu

2nd February 2023
ECOWAS, IPAC task political actors in South East, South-South on peaceful election

ECOWAS, IPAC task political actors in South East, South-South on peaceful election

2nd February 2023
We saved Nigeria from digital colonialism-FG

FG poised to tackle snags facing at-risk children — Yusuf 

2nd February 2023
Police recover kidnapped Actress Cynthia Okereke’s vehicle

CBN, Police, EFCC, others to prosecute naira abusers, vendors

2nd February 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Murder of OAU Student: Adedoyin, staff close case, set for adoption of final addresses
  • Atiku’s PCC accuses Wike of working for Tinubu
  • ECOWAS, IPAC task political actors in South East, South-South on peaceful election
  • FG poised to tackle snags facing at-risk children — Yusuf 
  • CBN, Police, EFCC, others to prosecute naira abusers, vendors
  • Mo Abudu, Betty Irabor, Funmi Iyanda, others to speak at 2023 self-made woman conference 
  • Respect your age, step down for Kwankwaso, NNPP tells Atiku 
  • Benue 2023: 12 aspirants to participate in Benue APC governorship rerun
  • Cash squeeze bites harder in Awka
  • Elections: Ebonyi needs Governor with fear of God – PDP Campaign DG
  • Naira shortage: Niger Govt. to address challenges
  • Legislative Institute plans Centre for Security Analysis
  • Missing schoolboy died by suicide – police
  • PDP ‘ll takeover Ekiti in general election- Official
  • Pope Francis to meet young people in Congo
  • ColdHubs  unveils solar- powered cold room at Ibeju Lekki
  • FG adopts WHO’s 10-year NTD roadmap against NTD
  • 2023 Presidential poll: Kwankwaso will not step down from race, NNPP
  • APC PCC lauds Zamfara residents for giving Tinubu warm reception
  • Transport workers develop bylaws to curb sexual harassment in motor parks

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.