PENSION ASSETS MOVE TO N8 TRILLION

The National Pension Commission (PenCom) said that pension contributions under the Contributory Pensions Scheme now stands at 8 trillion naira.
Dr Farouk Aminu, Head, Research and Corporate Strategy PenCom noted that the pension funds have continued to grow significantly.
The pension fund according to Dr Aminu is impacting the economy positively because over N50 billion has been invested in Federal Government Sukku securities which are being used for construction of roads.
According to the Director General PenCom, Mrs Aisha Dahir-Umar, pension fund gained N270 billion between January and February of 2018.
Assets increased from N7.52 trillion to N7.779 trillion and 390,000 workers from the public and private sectors of the economy joined the CPS.
She said the commission is intensifying efforts to ensure that the provision of the necessary infrastructure for the launching of the micro pension scheme in line with its strategic objective of expanding coverage of the CPS to the informal sector.

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