Uncredited Pension Contributions Reach N99.28 Billion in Nigeria

The National Pension Commission (PenCom) reported that as of March 2026, uncredited pension contributions in Nigeria totaled approximately N99.28 billion. This figure represents deductions made by employers from employees' salaries intended for their Retirement Savings Accounts (RSA) but not credited.

PenCom has struggled to identify the true owners of these contributions and plans to make decisions regarding the funds. At the one-year anniversary of the Pension Contribution Remittance System (PCRS), PenCom's Director of Surveillance, Saleem Muhammad, indicated that about 70 percent of the uncredited contributions come from private sector employers, while 30 percent are from public sector employers.

The accumulation of these uncredited contributions is attributed to weaknesses in the previous manual remittance system, including issues such as invalid RSA PINS, missing schedules, and data inconsistencies. Muhammad described the situation as primarily a reconciliation and data issue, highlighting the need for improved payroll controls and data management.