By Tony Obiechina, Abuja
The National Pension Commission (PenCom) says total pension fund assets increased to N20.22 trillion in May, 2024.
This is an increase of 2.23 percent compared to the N19.78 trillion recorded in April 2024, according to PenCom’s data on the pension funds industry portfolio for the period ended May 31.
The commission’s data showed that 63.22 percent or N12.78 trillion of the total funds were invested in federal government securities, comprising bonds and treasury bills.
PenCom said about 10.83 percent of the funds were invested in corporate debt securities — with corporate bonds getting the largest share.
According to PenCom, investment for mutual funds increased in May by 47 percent to N95.27 billion compared to N85.18 billion recorded in April.
The agency said pension funds recorded an increase of N440.4 billion monthly, at the end of May.
Between May 2023 and 2024, the commission said membership of the retired savings account (RSA) has also increased by 356,795 to 10,351,624.
On May 15, the federal government announced plans to borrow from the pension fund and other locally available resources for infrastructure development in Nigeria.
Wale Edun, the coordinating minister for the economy and minister of finance, said the government is focused on tapping into domestic financial resources — particularly pension and life insurance funds — to leverage local funds for national growth.
Edun described the move as a significant step towards driving economic progress and addressing critical infrastructure needs.
He said with about N20 trillion pension fund assets in Nigeria, “there is a clear opportunity to channel resources into vital sectors such as housing and long-term mortgage provision”.
Meanwhile, PenCom on Wednesday said the newly appointed Director-General of the Commission, Omolola Oloworaran, has assumed duties at the Commission.
The Commission said in a statement that she is to serve in acting capacity pending her confirmation by the Senate, in line with the provisions of Section 26 (1) of the Pension Reform Act 2014.
PenCom said that Omolola is poised to explore new frontiers in the implementation of the Contributory Pension Scheme (CPS) by sustaining pension assets on the growth trajectory, ensuring increased CPS membership and supporting coverage expansion initiatives.
She is committed to the expeditious payment of retirement benefits while deepening the pension investment horizon for enhanced returns to contributors and retirees. READ ALSO:
- Gunmen abduct passengers in fresh attack on Onitsha-Owerri road
- Bandits kill resident, abduct nine in Independence Day attack
- Canada to announce new immigration targets for 2027–2029
- Team Nigeria steps up preparations for Youth Olympic Games
- US Rapper Rick Ross Arrested In Miami
A Fellow of the Association of Chartered Certified Accountants (ACCA), Omolola brings to PenCom over 20 years of experience in the financial services industry.
She is an accounting graduate from the University of llorin and holds a Master of Business Administration (MBA) degree from the Manchester Business School.
