The National Pension Commission (PenCom) says it expects pension contributions under the Contributory Pension Scheme (CPS) to hit N22 trillion by the end of 2024.
Ms. Omolola Oloworaran, the Director-General of PenCom said at a one-day media conference in Lagos that the figure clearly suggests sustainable growth of the CPS initiative in Nigeria.
She added that the scheme also recorded a total of 10.5 million contributors as at October 2024.
On micro-pension, the PenCom DG said:
“We want to rebrand the micro-pension initiative and give it a new name. The key objective is to remodel it to encompass the large number of the target audience in the informal sector. We are looking at a target of 20 million contributors from the informal sector. We are also looking at technology to drive the process seamlessly.”
Oloworaran said a total of eight states have so far complied fully with the provisions of the CPS, adding that the Commission is engaging with the remaining states across the federation on the issue.
