Mrs. Omolola Oloworaran, Director-General (DG) of the National Pension Commission (PenCom), hopes the pension asset will reach N22 trillion by December 31.
At a press conference yesterday in Abuja, Mrs. Oloworaran stated that as of October, the Contributory Pension Scheme (CPS) had 10.53 million registered contributors and N21.92 trillion in pension fund assets.
The conference’s theme was “Tech-driven Transformation Shaping the Pension Landscape,” which highlighted PenCom’s strategic dedication to innovation.
According to her, the figures demonstrated PenCom’s steadfast dedication to financing safety, responsible management, and long-term expansion.
According to the head of PenCom, high inflation, the devaluation of the Naira, and the aftereffects of unconventional monetary policies were among the year’s economic difficulties.
“To address these issues, the commission has initiated a comprehensive review of its investment regulations,” she said, adding that they had affected contributors’ purchasing power and reduced the real worth of pension funds.
Its main goal is to diversify pension fund investments into alternative assets, foreign currency-denominated investments, and inflation-protected securities.
“The objective is to protect contributor savings and guarantee resilience against future fluctuations in the economy.”
She reaffirmed the commission’s commitment to increasing pension coverage, especially through the sophisticated micro-pension scheme that uses technology to promote participation from the unorganized sector.
According to Mrs. Oloworaran, this program would simplify the savings process for regular Nigerians for retirement, in line with our goal of inclusive growth and financial stability for all.
“The backlog in retirement benefits for retirees of the Federal Government’s Ministries, Departments, and Agencies (MDAs) will soon be settled.
“The Federal Government recently disbursed N44 billion from the 2024 budget to settle approved pension rights.”
“We are collaborating with the Federal Government to institutionalise a sustainable solution to ensure retirees receive their benefits promptly, eliminating delays.”
She stated that PenCom’s technology-driven transition aimed to increase the CPS’s sustainability, dependability, and accessibility.
“We are laying the foundation for a future where the pension industry effectively serves all Nigerians, from data management to seamless contributions and regulatory supervision,” she stated.
She claims that the e-application gateway for pension clearance certificates has replaced manual procedures to facilitate business.
“Since its deployment, 38,528 pension clearance certificates have been issued. This program assures compliance and secures the future of Nigerians who work in government-related organizations,” she stated.
