Despite the challenges in the economy occasioned by the coronavirus pandemic, the total pension assets under the Contributory Pension Scheme rose by N359bn from N10.
2tn as of the end of December 2019 to N10.57tn as of the end of April 2020, according to latest statistics from the National Pension Commission on Friday.
Some of the funds were invested in agency bonds, supra-national bonds, commercial papers, foreign money market securities, and open/closed-end funds. The acting Director-General, PenCom, Aisha Dahir-Umar, said the scheme was important in the face of contemporary developments in Nigeria’s pension landscape and the Nigerian economy as a whole.
The pioneering Director-General, National Pension Commission, Mr Muhammad Ahmad, said there was a need to encourage development of enabling framework for pension funds to facilitate national development.
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