Nigerian Pensioners Receive over N6bn Monthly from Government – Pencom

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The National Pension Commission (PenCom) has said at least 184,979 receive N6.7 billion monthly from the Contributory Pensions Scheme.

The Acting Director-General of PenCom, Mrs. Aisha Dahir-Umar, disclosed this at a retreat organised by Pension Operators (PenOp) in Abeokuta, Ogun State.

She said as of March 2017, the retirees were receiving pensions regularly with an average monthly pension payment of N6.7 billion.

She commended the Federal Government for providing a stable, predictable and adequate source of income for employees.

Dahir-Umar, who was represented by the Head of Research and Management, PenCom, Mr. Aminu Farouk, said the pension fund assets had also increased to N6.42 trillion.

She said the N6.42 trillion represents the total pension asset as of March this year with an average monthly contribution of N30 billion.

The number of registered contributors increased significantly to 7.4 million within the same period, while the total pension assets were equivalent to six per cent of the Nigeria rebased Gross Domestic Product (GDP).

According to her, PenCom has been able to pull more than 200,000 private sector employers to the scheme and has contributed more than 60 percent of the total pension assets.

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