National Pension Commission (PenCom)’s report, “20 Years of Pension Reform: Gains, Challenges, Prospects,” reveals significant growth in public and private sector pension contributions and death benefits payments.
Within the period under review, it was observed that increases in public sector’s contributions had skyrocketed to N5.72 trillion as recorded in Q2 2024 whereas private sector’s contributions were standing at N5.23 trillion. We have to note that this is much higher than the figures recorded in the past, since the public sector’s contributions stood at N1.76 trillion in the year 2015, N2.79 trillion in 2019 and appreciated to N4.27 trillion in Q3 2022.
The private sector contribution has also shown a remarkable increase in its volume over the years as it has soared from N1.53 trillion in 2015, N2.81 trillion in 2019, and N3.96 trillion in Q3 2022.
Retirement benefits also saw significant growth, with N1.1 trillion paid to 129,435 applicants in Q2 2024, compared to N133.28 billion in 2015, N485.16 billion in 2019, and N789.14 billion in 2022.
Oguche Agudah, CEO of the Pension Fund Operators Association of Nigeria (PenOp), outlined the commission’s future targets: enhancing public awareness, encouraging media coverage, investing in infrastructure, leveraging technology, and implementing a new investment policy.
