Pension Assets Hit N5.3tr, N41bn Deficit Expected in 2016

Nigerian pension assets have hit all-time high of N5.3 trillion at the end of December 2015, according to Mrs. Chinelo Anohu-Amazu, Director-General, National Pension Commission [PenCom].

She said the sum of N20 billion was outstanding in 2015 in respect of retired workers in the federal civil service.

The PenCom DG said the commission requested for N91 billion to settle pension liabilities of such federal pensioners in 2016, but the 2016 budget made provision for only N50 billion, leaving a deficit of N41 billion.

“Truth is that the funds are not there to pay all the retirees at the same time. We have competing demands for increasingly dwindling resources at the disposal of the Federal government due to falling oil prices in the international market. However, the federal Government can take out a loan for the purpose and adequate funding made possible going forward. We are in talks with all arms of government to sort out the issue.”

On micro-pension which the commission is actively canvassing, she said the objective is to bring in about 60 per cent of the population who are mainly in the informal sector of the economy, like artisans, barbers, mechanics etc into the new pension scheme.

“The bulk of Nigerians reside within this segment, meaning that those in private practice deserve pension cover to take care of themselves when they are no longer able to work.”

Amazu assured concerned stakeholders that pension funds will not be lost in infrastructure investment as the commission will adhere strictly to the enabling laws governing such investments.

Hot this week

Ecobank Nigeria Launches Scaling Up!!! Podcast to Champion African Entrepreneurship, Business Growth

Ecobank Nigeria has launched Scaling Up!!!, its flagship business...

Leadway Assurance, CubeCover, Vitse Technologies Sign on as Official Partners for IMT 5.0

Insurance Meets Tech (IMT), West Africa’s premier platform for...

Cardoso, Okonjo-Iweala to Headline 7th Africa Emerging Markets Forum in Abuja

A high-level fireside dialogue between the Governor of the...

Stanbic IBTC Named Winner in Four Categories at Euromoney Awards for Excellence 2026

Stanbic IBTC, a member of Standard Bank Group, was...

NGX Group Delivers Record First-Half Performance, Announces ₦1.30 Interim Dividend

Revenue rises 118% as profit before tax increases 170%,...

Topics

INEC Meets With Political Office Holders on Tax Compliance

L-R: Executive Chairman, LIRS: Mr Ayodele Subair, Chairman, Code of...

FG: Economic Reforms Driving Growth, Investor Confidence

The Minister of Budget and Economic Planning, Senator Abubakar...

Internet Society Tasks African Policymakers on Opportunity

The Internet Society will call for the adoption of...

Stanbic IBTC Bank Nigeria PMI: Output Prices Rise at Second-fastest Pace on Record

Customer demand improved again in the Nigerian private sector...

E-Payment Transactions Hit N264tn in Q2 2020-NBS

The National Bureau of Statistics (NBS) says a total...

Travelstart, MTN in Strategic Partnership, Raises $40m for Online Travel Market

Travelstart, the leading Internet travel booking company in Africa,...

Africa, ME Wearables Market Grow 66% in 2nd Qtr

The Middle East and Africa (MEA) wearables growth story...

NNPC Says Crude Oil Production, Price Benchmark for 2024 Budget Realistic

The Nigerian National Petroleum Company Limited has assured that...