Do you work in the public or private sector in Nigeria? Does your organization remit your pension contribution?

If your answer is a no, then you are not alone. You are among the vast majority of workers whose organisations don’t bother to pay.

According to the National Pension Commission, PenCom, of about 70 million people that represent the working population in Nigeria, only 8.41 million of them are currently making contributions into the Contributory Pension Scheme.

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The 8.41 million contributors, according to figures obtained from PenCom, are about 12.09% of the country’s working population.

When compared to the entire population of the country, the 8.41 million contributors are just about 4.29%.

These figures are contained in a document sent by the Acting Chairman of PenCom, Aisha Dahir-Umar, to an ad hoc committee of the House of Representatives.

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The Contributory Pension Scheme commenced in 2004 with the key objectives to assist individuals to save to cater to their livelihood during old age.

In the document, the commission said that total pension fund assets had grown to 8.63 trillion naira as of December 2018, with average monthly contributions of 29.15 billion naira.

It said the total pension asset was equivalent to 7.40% of the Gross Domestic Product of the country.

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