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8.4m Workers On Pension Scheme In Nigeria

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Latest figure by the National Bureau of Statistics (NBS) has shown that only 8,410,184 million workers out of 51.3 million full time workers in the country are registered under the nation’s pension scheme, as at the last quarter of 2018.

The figure is however higher than the 8,136,202 million registered workers in Q2 2018 while the Pension Fund Asset under Management as at Q4 2018 stood at N8,637 million as against N8,323mln in Q2 2018.

According to previous data by the NBS, the total number of people in full-time employment (at least 40 hours a week) increased from 51.1 million in Q3 2017 to 51.3 million in Q3, 2018, which shows that many organisations or employers in Nigeria are flouting the provisions of the Nigerian Pension Reform Act of 2004 that criminalises non – remittances of employee pensions into the national contributory pension account.

The National Pension Commission is believed to be looking the other way while organisations fail to obey the provisions of the law it is mandated to uphold.

Based on the latest data, FGN Bonds has the highest weight percentage of 52.49 per cent of the total pension fund assets and closely followed by treasury bills with 19.37 per cent weight and local money market securities with 8.21 per cent weight while foreign money market securities has the least with 0.04 per cent weight.

Participants within the age distribution 30-39yrs have the highest percentage composition closely followed by participants within the age bracket of 40-49 years and 50-59 years while participants above 65years has the least percentage composition.

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