According to data from the National Pension Commission, the assets under the Contributory Pension Scheme increased by N590 billion in the first quarter of 2023.
According to the statistics, the assets increased from N14.99 trillion at the end of December 2022 to N15.58 trillion at the end of March 2023.
The approved existing schemes, closed pension fund administrators, and RSA funds (including unremitted contributions at CBN & legacy funds) were included in the unaudited report on the pension funds industry portfolio for the period ending 31 March 2023.
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65.44 percent of the money, or N10.19 trillion, according to PenCom, was invested in FGN equities.
The remaining assets were in mutual funds, money market instruments, and corporate debt securities.
PenCom also revealed that 9,945,537 people had retirement savings accounts at the time under consideration.