Pension Funds In Nigeria Set To Hit N14.8 trillion In 2023 - Expert 

Pension Funds In Nigeria Set To Hit N14.8 trillion In 2023 – Expert 

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Despite the biting hardship in the country, managers of pension funds in Nigeria say the total could increase to as much as N14.8 trillion.

Managing director/CEO of First Pension Custodian, Mr. Oloruntimilehin George, said operators are optimistic that the pension fund will hit N14.8 trillion by year end.

According to him, “ the nation’s pension fund assets is expected to hit N14.8 trillion, despite the challenging business environment, not forgotten that the industry has also undergone recapitalisation of which all PFAs scaled through. The Shareholders Fund of the industry is N211billion post recapitalisation.”

Pension funds in Nigeria’s assets have reportedly risen by N1.2 trillion as at December 31, 2022.

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This is even as some states and private sector players were unable to fully settle their outstanding pension liabilities within the year.

This was gleaned from the fact that the fund stood at N13.6 trillion at the end of January 2022, and was N14.58 trillion as at October, 2022 which is the latest figure released by the National Pension Commission (PenCom)

The asset for pension funds in Nigeria grew by N1 trillion in 2021, a difference of N200 billion when compared to that of 2022.

According to a Leadership report, Investment income was instrumental to the increase, despite the fact that governments at the State level are not paying the monthly pension contributions of their workers as and when due.

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