The Acting Director-General of the National Pension Commission, Omolola Oloworaran, has announced that pension fund assets under the Contributory Pension Scheme have increased to N20.79 trillion as of July 2024.
Oloworaran shared this update during the Quarterly Consultative Forum for state and Federal Capital Territory pension bureaus, boards, and commissions held in Lagos on Wednesday.
She also revealed that states have collectively remitted over N236.7 billion to the Contributory Pension Scheme between January 2020 and the second quarter of 2024.
This significant contribution underscores the commitment of state governments to strengthening the pension framework in Nigeria.
“Pension fund assets under the CPS continue to grow, with total Assets under Management soaring to N20.79tn as of July 2024. We are pleased to note the steady remittance of contributions by States, with over N236.7bn remitted by States between January 2020 and the second quarter of 2024,” he stated.
Oloworaran added that, as of Wednesday, 25 states, including the Federal Capital Territory, have enacted pension laws regarding the Contributory Pension Scheme, while six additional states are currently at the bill stage.
“Six other States have adopted the Contributory Defined Benefits Scheme, a hybrid of the CPS. However, only eight States are fully implementing the CPS, out of the 25 States that have enacted pension laws,” she remarked.
She noted that five states—Lagos, Niger, Osun, Ekiti, and Delta—have issued state bonds financed by pension funds. Notably, Lagos utilized this mechanism to partially fund the Lekki-Ikoyi Bridge project.
This approach illustrates innovative financing strategies leveraging pension assets for infrastructure development.
The Permanent Secretary at the Office of the Head of Service, Sunkanmi Oyegbola stated that the forum held in Lagos provided a valuable platform for stakeholders in the pension industry to exchange ideas, tackle challenges, and explore strategies for improving pension administration.
This collaborative effort aims to strengthen the overall effectiveness of the pension system in Nigeria.
