The Pension Fund Operators Association of Nigeria, PenOp, has unveiled plans that will ensure that over 20 million Nigerians are signed up to the 10 years old contributory pension scheme in Nigeria.
According to the Executive Secretary, Susan Oranye Oranye, the number of those who have signed up to the scheme currently stood at 6.9million nationwide and this figure has contributed N5.3trillion so far.
Making this disclosure at the 2016 Workers’ Celebration at Onikan Stadium in Lagos, on Tuesday, May 3, Oranye stated that contrary to the N20trillion being touted as the total contribution, the actual contribution from 6.9 million employees across the country stands at N5.3trillion.
According to her, there has been marginal growth since May 1 last year and there is still a lot top be done by encouraging Nigerians to see the benefit of pension at retirement.
“As at first quarter of the year, the total fund was N5.3trillion. Since May last year till now the industry has grown and that is an indication that workers are paying pension in preparation for their retirements. People understand the important of a pension that is why they are joining the contributory pension,” She said.
Commenting on the numbers, Oranye said “There is a lot of work to be done because we have 6.9 million people as contributors. This is a drop in the ocean when you consider the population of the country though we have progressed but we are aware that there is still work to be done, if we need to reach N60trillion mark.”