Scheme hits N5 trillion - National Pension Commission

The National Pension Commission has said that the Contributory Pension Scheme, which was instituted in 2004, has grown to over N5 trillion.

The Commission also said the need to ensure adequate security of the fund was one of the leading reasons why it was yet to approve the investment of the fund in any infrastructure.

This was made known by the director general of the Commission, Mrs. Chinelo Anohu-Amazu, wile speaking at the second edition of the World Pension Summit Africa Special.

The summit, which is themed ‘Building Sustainable Pension Systems in Africa’, was designed to encourage practical and enduring strategies for pension fund management and regulation on the continent. This will be the second consecutive time Nigeria would be hosting the event.

READ: Pension Commission to invest N4.6tn in infrastructure

The PenCom boss said the commission had already begun implementation of some of the recommendations from last year’s summit.

“This fund belongs to pensioners and every single kobo of that N5trn can be traced to an individual. We are trying to see how we can leverage domestic financing for a sustainable infrastructure growth. So, placing that side by side with this fund, it is mandatory to exercise a lot of caution while also thinking of how to channel this for social needs,” she said.