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Nigeria’s pension fund appreciated by N256.76bn or 1.27 per cent in June to settle at N20.48tn from N20.23tn in May, according to the latest data from the National Pension Commission published. The unaudited report on pension funds industry portfolio for the period ended June 30, 2024, indicated that Federal Government securities like bonds, treasury bills, sukuk and green bonds, continued to enjoy a higher patronage from pension fund administrators. As of June, about 63.27 per cent of the fund was invested in FGN securities slightly higher than 63.22 per cent in May. Corporate debt securities got 10.78 per cent, money market instruments at 9.34 per cent and investment in mutual funds declined to 0.41 per cent from 0.47 per cent in the previous month. Retirement Savings Account as of June stood at 10,381,019, from 10,351,624 in the previous month, indicating a modest 0.28 per cent rise. According to PenCom’s first quarter report, participation in the pension industry has continued its upward trajectory despite the rising rate of inflation in the country with Retirement Savings Account registrations increasing from 88,213 in Q4:2023 to 89,061 in Q1: 2024.

Punch