The National Pension Commission (PenCom) announced that Nigeria’s total pension assets have reached N20.79 trillion. However, only seven states and the Federal Capital Territory (FCT), Abuja, have fully implemented the Contributory Pension Scheme (CPS). These states are Lagos, Kaduna, Delta, Ekiti, Osun, Edo, and Jigawa.
Ms. Omolola Oloworararan, Acting Director General of PenCom, made this announcement at a two-day quarterly consultative forum for states and the FCT Pension Bureaus. She emphasized that the forum, established in 2014, facilitates the exchange of ideas and expertise to support states in implementing CPS and addressing pension challenges.
Oloworararan also noted that the forum provides updates on states’ pension reform journeys and praised the attendance of key stakeholders, including heads of Pension Bureaux/Boards/Commissions and senior government officials.
She highlighted that pension fund assets under the CPS continue to grow, with over N236.7 billion remitted by states between January 2020 and the second quarter of 2024. Additionally, the forum discussed the benefits of adopting CPS, including access to pension funds for infrastructural development through state bonds. Lagos, Niger, Osun, Ekiti, and Delta have successfully issued such bonds, with pension funds partly financing projects like the Lekki-Ikoyi Bridge in Lagos.