By: g9ija

Total pension assets in the Contributory Pension Scheme, CPS, has increased 7.5 percent to N14.43 trillion in the first eight months of the year 2022. The figure was N13.42 trillion as at December 31, 2021.

Data obtained from the National Pension Commission, PenCom, also shows that Retirement Savings Account, RSA, holders increased by 2.4 percent to 9.76 million in August 2022 from 9.53 million in December 2021.

The pension sector regulator also noted that N9.21 trillion which represents 63 per cent of the N14.43 trillion pension fund assets, have been invested in Federal Government of Nigeria securities.

Of these investments, N8.82 billion went to FGN bonds; Treasury bills gulped N179.49 billion; N13.79 billion went to agency bonds; sukuk got N137.91 billion and green bonds got N58.19 billion.

According to PenCom the N137.91 billion invested in Sukuk bond issued by the Federal Government were used to finance road projects nationwide.