By Tony Obiechina, Abuja
The National Pension Commission, PenCom, has revealed that the total pension assets have risen to N20.79 trillion
It also disclosed that only seven states and the Federal Capital Territory, FCT, Abuja, have fully implemented the Contributory Pension Scheme, CPS.
The states as indicated are Lagos, Kaduna, Delta, Ekiti, Osun, Edo and Jigawa.
Acting Director General of PenCom, Ms Omolola Oloworararan, made this known while speaking at a two-day quarterly consultative forum for states and the Federal Capital Territory, FTC, Pension Bureaus.
She said: ”The Consultative Forum is a veritable platform that brings together all critical stakeholders in the administration of pension matters at the sub-national level.
”Since its inception in 2014, the Forum has facilitated the exchange of ideas and expertise among participants to support respective states in establishing frameworks for seamless Contributory Pension Scheme, CPS, implementation.
”It also serves as a platform to address pension challenges of respective states and provide updates on their unique pension reform journeys.
“We are pleased with the calibre of attendance at today’s Forum, by the presence of very important personages like the Heads of Pension Bureaux/Boards/Commissions who are directly steering the implementation of CPS and other pension arrangements at various levels.
”In addition, we are honoured to receive the heads of service and other senior government officials of states that have commenced efforts towards implementation of the CPS and other pension arrangements for their employees.
”We are, therefore, confident that this Forum would provide participants the opportunity to listen, learn and chart a course towards the adoption and implementation of sustainable pension schemes in their respective states.
“Pension fund assets under the Contributory Pension Scheme, CPS, continue to grow, with total assets under management soaring to N20.79 trillion as at July 2024. We are pleased to note the steady remittance of contributions by states, with over N236.7 billion remitted by states between January 2020 and the second quarter of 2024.”
“It will interest state governments to note that one of the significant benefits of adopting the CPS is access to accumulated pension funds for infrastructural development through issuance of state bonds. ”Indeed, five states, including Lagos, Niger, Osun, Ekiti, and Delta, have successfully issued state bonds that were subscribed by pension funds. Notably, the Lekki-Ikoyi Bridge in Lagos was partly financed by pension funds.
“Under my leadership, the commission is committed to ensuring that all retirees, from both the public and private sectors, receive their retirement benefits when due. In this regard, the commission shall focus on 26 states with CPS or CDBS laws, but are yet to commence implementation.
”Our focus will be to constructively engage these states in a sustained manner and work towards expanding the coverage of CPS at the subnational level. We will also intensify our efforts with relevant state government agencies to resolve the backlog in accrued rights payments to CPS retirees.
”In addition, we are working to ensure that pensioners under the CPS and other pension arrangements benefit from pension increments provided for in the constitution of the Federal Republic of Nigeria, 1999 (as amended).”
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