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

NPW: Future of Retirement Security Depends on Early Planning-PenCom DG

Ms. Omolola Oloworaran, Director-General, National Pension Commission (PenCom) says...

Stanbic IBTC Pension Managers Supports PenCom’s Inaugural National Pension Week 2026

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC...

RMB Strengthens China–Africa Corridor with Opening of Beijing Advisory Business

  Building a bridge for China-Africa, connecting Chinese capital,...

Ecobank Advances Youth Innovation as Top 20 InnovateX Finalists Emerge for N20m Prize Pool

Ecobank Nigeria has announced the Top 20 finalists for...

Ecobank Advances Youth Innovation as Top 20 InnovateX Finalists Emerge for N20m Prize Pool

Ecobank Nigeria has announced the Top 20 finalists for...

Topics

P + Measurement, Media Intelligence Firm Activates 19th EvaluatePR Forum

In its continuous quest to evaluate and sustain communication...

Skye Bank: ‘CBN is Selective’

The leader of a major shareholder group in Nigeria...

LG Electronics: Q4 $429m Loss Driven by Dec. 2012 EU Fine

South Korea's LG Electronics has posted a fourth-quarter loss...

17 Insurance Firms Await June 30 NAICOM Deadline

A total of 17 insurance companies are racing to secure approval of their 2014 annual accounts by the industry regulator, National Insurance Commission (NAICOM) by the close of work on Tuesday, June 30, 2015. Already, 23 operators have received NAICOM approval on their account. Click here to make lazy tweet

World Bank Report: Banks Provided $28bn in Climate Finance in 2014

The leaders of the powerful G7 countries made headlines in June when they committed to a low-carbon growth path and formally recognized the need to reach zero net emissions globally before the end of the century. They know it will require shifting trillions of dollars from carbon-intensive investments to low-carbon, resilient growth, and they called on the six big multilateral development banks (MDBs) to use "to the fullest extent possible" their balance sheets and their capacity to mobilize partners to increase climate finance for developing countries.

PwC, Uber Close Transport-Industry Tax Gap in Nigeria

Charging to drive someone around Lagos was chiefly a...

The Access Bank (UK) to Acquire Mauritius-based AfrAsia Bank

Access Holdings Plc has announced that its banking group’s,...

Nigeria’s Reforms Driving Strong Domestic Capital Mobilisation, Says NGX Group CEO

The Group Managing Director/Chief Executive Officer of Nigerian Exchange...