Private sector contributing 60% of pension assets

The nation’s pension assets equal to N5.3 trillion as at March 2016, and growing at an average N25 billion monthly has a total of 60 percent equal to N3.18 trillion coming from the private sector, the National Pension Commission (PenCom) has said.

The assets are equivalent to about 7.72 per cent of the Nigerian rebased GDP.

Chinelo Anohu-Amazu, director general, PenCom who disclosed this during a presentation on Workers day celebration said number of registered contributors was 7.01 million as at March, 2016.

“This represents about 7.45 per cent of total labour force in Nigeria and 3.95 per cent of total population.

26 States of the Federation had adopted the scheme and are at different stages of implementation while the remaining 10 States are at bill stage.

“About 200,000 private sector employers of labour are implementing the CPS, over 162,343 had retired under the Scheme as at March 2016 and are currently receiving pensions as and when due.

On micro pension, she said the plan was introduced to extend coverage to the persons working in the informal sector and the self-employed, stressing that the Micro Pension Department has been established to drive implementation of the Plan.

She said multi-channel platform will be used in providing customer services to those who will be covered under the plan and that discussions are ongoing with relevant service providers and regulators to provide the required technology.

She noted that sensitization is being undertaken through the print and the electronic media including the various social media platforms, adding that the commission has started discussions with the Central Bank of Nigeria and other relevant Government Agencies on extending coverage to the Small and Medium Scale Enterprises.

Modestus Anaesoronye