8th December, 2012
Nigeria’s total pension fund contribution hit N2.45 trillion last year December, the Director-General of the National Pension Commission, Mr Muhammad Ahmad has revealed.
Ahmad, reviewing the 5th Annual Report of the commission for last year said:
“The total value of pension fund assets, based on unaudited valuation reports, increased from N2.03 trillion on Dec. 31, 2010 to N2.45 trillion as at Dec. 31, 2011,indicating 20 per cent growth.’’
He said the value of pension fund asset of Retirement Savings Account (RSA) was N1.29 trillion as at December 2011.
“This marked an increase of 31.93 per cent from the N980.29 billion recorded in 2010,’’ Ahmad said.
The director-general said that the average monthly contributions by RSA holders was N19.08 billion in 2011 as against the monthly average contribution of N10.79 billion in 2010.
He attributed the increase to the registration of more workers.
Ahmad said that RSA holders increased by 8.4 per cent from the 4,542,250 registered in 2010.
He said also that the average monthly contribution of private sector contributors increased by 15.96 per cent from N8.59 billion in 2010 to N9.96 billion in 2011.
He noted that the value of the pension fund asset of RSA funds increased by 47. 99 per cent from N127.31 billion in 2010 to N175.30 billion as at Dec. 31, 2011.
The DG noted that Approved Existing Scheme (AES) assets grew marginally by N1.75 billion, from N571.81 billion in 2010 to N519.57 billion in the year in review.
He said that Closed Pension Fund Administrator (CPFA) fund assets had a net growth of N50.27 billion, increasing from N404.37 billion in 2010 to N454.64 billion in 2011.
Ahmad noted that the pension industry operated in an atmosphere of robust and sustained macro-economics policy stance during the year under review.