PFAs record N630bn in pension contributions between Jan-May

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Pension contributors in the country contributed over N630 billion into the kitties of Pension Fund Administrators (PFAs) between January to May 2018.

Data obtained from the National Pension Commission (PenCom) revealed that the total pension fund assets as at December 2017 was N7.51 trillion and peaked at N8.14 trillion as at May 2018, showing an increase of over N63 billion.

PenCom also stated that out of the N630 billion raised, N420 billion was invested in Federal Government securities. The commission noted that as at December 2017 FGN bonds got N4.04 trillion; treasury bills, N1.18 trillion; agency bond (NMRC & FMBN) N5.82 billion; Sukuk bonds, N56.55 billion and green bonds, N7.19 billion.

But, as at May 2018, FGN bonds got N3.96 trillion; treasury bills, N1.68 trillion; agency bond (NMRC & FMBN) N6.54 billion; Sukuk bonds, N51.98 billion and green bonds, N8.26 billion.

The Acting Director-General, PenCom, Mrs. Aisha Dahir-Umar, attributed the achievements recorded by the Commission in the last 14 years to stakeholders, especially, pension contributors, whilst urging them to sustain their positive contributions toward the success of the pension reform program.

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