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Chuks Udo Okonta
Contributions from Retirement Savings Account (RSA) holders and return on investment made by pension operators have enlarged pension fund assets to the tune of N470 billion in seven months, ranging from January to July 2021.
Data obtained from the National Pension Commission (PenCom) by Inspenonline, showed that the pension fund asset stood at N12.31 trillion as at December 31, 2020 and soared to N12.78 trillion by July 31, 2021, revealing a difference of N470 billion.
It was also gathered that 19,000 retirement savings account holders joined the contributory pension scheme within the period under review.
On investment side, N8.13 trillion was invested in federal government securities as at December 2020, while N8.20 trillion was invested by July 2021.
PenCom also noted that as at December 2020, N136.59 billion was invested in state government securities, N1.69 trillion in local money market, while N89.68 billion was invested in state government securities in July 2021 and N2.11 trillion invested in local money market.
On progress made so far, Director-General (DG), National Pension Commission- PenCom, Mrs. Aisha Dahir-Umar, noted that it is pertinent to reassure stakeholders that the implementation of the CPS remains on course, adding that number of registered contributors under the CPS has continue to grow while pension fund assets have accumulated to N12.78 trillion as at July 31 2021.
She submitted that the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets.
