•Contributory scheme hits N8.74 trillion in January Acting Director General of the National Pension Commission (PenCom), Aisha Dahir-Umar, has said N6.51 trillion, representing 73 per cent of the agency’s total assets, has been invested in Federal Government securities issued to finance various projects.Of the sum, N95.3 billion went for infrastructure while N7.19 billion was committed to the N10.67 billion Green Bond of the government.

Speaking at the launch of the Micro Pension Plan (MPP) yesterday in Abuja, she noted that the contributory pension scheme hit N8.74 trillion in January 2019 with the long-term domestic capital belonging to 8.46 million formal sector participants. Dahir-Umar said the scheme had transformed the course and pace of the country’s socio-economic development, adding that the MPP aligns with the social empowerment programmes of the current administration and seeks to ensure, in the long term, the sustainability of the benefits of the safety nets for beneficiaries to save for their old age.

The PenCom boss submitted that the new plan targets the significant majority of Nigeria’s working population who operate in the informal sector and is designed to fit the peculiarities of these informal sector groups. Consequently, the regulator has rolled out guideline on its implementation pursuant to Section 2(3) of the Pension Reform Act 2014. The document spelt out legal, institutional and operational framework for the administration of the product by licensed pension fund operators (PFOs) from the point of enrolment to that of accessing.

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