Kindly leave a comment and share
Chuks Udo Okonta
Pension Fund Managers (PFM) have invested N1.59 trillion in money market instruments which would have been accessed as facilities by operators in the real sector to boost their businesses.
The real sector, is one of the major components of the Nigerian economy. The sector is made up of the manufacturing and service industries. These include housing, agriculture, manufacturing industry, mining infrastructures and services.
According to the National Pension Commission (PenCom), the pension fund managers had as at July 31, 2023, invested N1.33 trillion in fixed deposit money market instrument and N208.37 billion on commercial papers.
PenCom noted that the pension fund assets stood at N17.07 trillion as at July 31, 2023,
The pension industry regulator, in its unaudited report on pension funds industry portfolio for the period ended July 31, 2023, said the fund assets moved from N16.76 trillion in June to N17.07 trillion in July 2023, gaining N307.12 billion.
It submitted that Retirement Savings Account (RSA) membership stood at 10.03 million, as against 10.01 million in June, gaining 16,265 contributors.
Finding by Inspenonline revealed that the fund assets gained N2.02 trillion between January to July 2023, moving from N14.99 trillion as at December 31, 2022 to N17.07 trillion in July 31, 2023, while 163,185 RSA holders were recorded, 9.86 million in December 2022 to 10.03 million in July 2023.
PenCom stated that N11.03 trillion of the N17.07 trillion pension fund assets, had been invested in Federal Government of Nigeria (FGN) securities, which breakdown showed that Federal Government bonds gulped N10.57 trillion; treasury bills, N198.81 billion; agency bonds, N10.98 billion; sukuk bonds, N154.75 billion and green bonds, N92.37 billion.
