91.4% of Nigeria's Personal Pension Accounts Unfunded

As of March 2026, approximately 91.4 percent of retirement savings accounts registered under Nigeria’s Personal Pension Plan remained unfunded, according to the National Pension Commission's first-quarter 2026 pension industry report. Out of 219,316 registered Personal Pension Plan Retirement Savings Accounts (RSAs), only 18,811 accounts, or 8.58 percent, had received contributions, leaving 200,505 accounts without funding.

This disparity raises concerns about the effectiveness of registration in translating to active retirement savings. The report indicated that ₦147.16 million was contributed during the first quarter, totaling ₦1.66 billion since the scheme's inception.

Contributors accessed ₦11.12 million through contingent withdrawals, with cumulative withdrawals at ₦124.30 million involving 346 contributors. AccessARM accounted for 33.64 percent of new registrations, holding a cumulative market share of 52.4 percent.

The National Pension Commission is reviewing the pension framework, considering increasing statutory contribution rates from the current 18 percent, to address the challenge of unfunded accounts and enhance participation in the Personal Pension Plan.