N1.98tn pension fund invested to support businesses

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Chuks udo Okonta

Pension Fund Operators (PFOs) have continued to support businesses as they invested N1.98 trillion in banks through money market instruments, of which the fund would have been given as loads to aid business owners.

Data obtained from the National Pension Commission (PenCom) showed that of the N14.99 trillion pension fund assets as at December 31, 2022, money market instrument gulped N1.98 trillion, which was 13.23 per cent of the assets, while corporate debt securities, got N1.66 trillion, 11.07 per cent.

A breakdown of the the investment in money market revealed that fixed deposit/bank acceptance got N1.94 trillion and commercial papers, N21.97 billion.

According to PenCom the Contributory Pension Scheme (CPS) has continued to gain traction as Retirement Savings Account (RSA) holders as at December 31, 2022 stood at 9,862,129 while Micro Pension Plan (MPP) subscribers were 89,327.

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