Pension Asset Now N4.21trn – Jonathan

President Goodluck Jonathan has disclosed that Nigeria’s pension sector has been strengthened from about N2 trillion deficit in 2004 to accumulated pension assets of over N4.21 trillion by March 2014.

Speaking on Monday, Jonathan said pension was not only recognised, it occupies a strategic place in national socio-economic development.

The National Pension Commission (PenCom) had earlier in the year unveiled a summary of Pension Fund Assets invested in federal government financial instruments as at March 31, 2014, showing that about N2.7 trillion out of the N4.21 trillion pension fund assets have been invested in FGN Securities, representing 63.39 percent investment of the fund.

The breakdown also shows that the PFAs invested about N602 billion in shares in the Nigerian Stock Exchange within the period under review, representing about 14.3 percent investment of the fund.

PenCom alsodisclosed that N79.9bn was invested in State Government Securities and Corporate debt securities while N1.7bn was invested in Supra-National bonds.

A total of N228.4 billion was invested in Real Estate Properties while N9.3 billion was invested in the Private Equity Fund, according to PenCom.

Jonathan noted that pension was not only a vital component for social security, but also a veritable vehicle for driving nation growth.