The National Pension Commission (PenCom) said pension fund assets under the Contributory Pension Scheme (CPS), have soared to N10.22 trillion as at December 31, 2019.
PENCOM in its Summary of Pension Fund Assets as at December, 31, 2019, published on its website, the commission said Retirement Savings Accounts (RSAs) holders contributed N1.48 trillion between January and December 2019, making the pension fund assets to hit N10.22 trillion.
It said N7.34 trillion, 71.87 per cent of the N10.22 trillion was invested in Federal Government of Nigeria (FGN) securities, which include FGN bonds; treasury bills; agency bond (NMRC & FMBN); Sukuk and green bonds.
The Acting Director-General, PenCom Mrs. Aisha Dahir-Umar, had always attributed the boost in the pension assets to the support of the organised private sector (OPS) and organised labour.
“The pension industry is one of the fastest growing industries in the country with the support of the organised private sector and labour.