Nigeria's Pension Assets Surge to N31.48 Trillion in Two Years

The Pension Commission (PenCom) disclosed that Nigeria's pension assets have grown from N20.79 trillion to N31.48 trillion within a two-year period, representing an increase of N10.7 trillion or 51%. Omolola Oloworaran, the director of PenCom, shared this information during a press briefing at the Presidential Villa in Abuja on Tuesday.

She emphasized that the growth was driven by renewed public confidence in the pension system and reforms introduced by President Bola Tinubu's administration. Over the past 24 months, the pension scheme has seen an increase of 938,229 new contributors.

Additionally, the implementation of a new national minimum wage of N32,000 monthly has led to adjustments in pension contributions. As of July 29, 2024, 195,000 pensioners will benefit from this upward review, which is part of the administration's commitment to improving the welfare of retired public servants.