Nigeria's Pension Assets Surge 51% to N31.48 Trillion

The Director General of the National Pension Commission (PenCom), Omolola Oloworaran, announced that Nigeria's pension assets rose by 51% over the past two years, increasing from N20.7 trillion to N31.48 trillion. This growth, which represents an addition of N10.7 trillion in retirement savings, was disclosed during a press briefing at the Presidential Villa in Abuja.

Oloworaran attributed the increase to renewed public confidence in the country's contributory pension scheme and highlighted that 938,229 new contributors joined the scheme in the last 24 months. She also noted that the monthly pension payments have increased by 22%, from N12.2 billion to N14.9 billion, following the implementation of a new national minimum wage approved by the federal government.

The pension scheme, established under the Pension Reform Act of 2004 and strengthened by the Pension Reform Act of 2014, covers federal government employees, military personnel, and private sector workers.