President Bola Tinubu
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Nigeria's pension assets rose 51% in two years to 31.48 trillion naira ($22.80 billion), while membership of the country's contributory pension scheme grew by nearly 1 million workers to 11.32 million, the National Pension Commission (PenCom) said on Tuesday.
PenCom chief Omolola Oloworaran told reporters that assets under management increased from 20.79 trillion naira in July 2024, a rise attributed to stronger confidence in the pension system.
- A 758 billion naira bond helped clear obligations dating back to 2007, benefiting 957,045 people through pension increases, accrued rights payments and other retirement benefits, PenCom said.
- The regulator said accrued pension rights had swung from 21 months in arrears in July 2024 to a 41-month surplus, while benefit approvals are now processed within 48 hours.
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