The National Pension Commission has reported that the Pension Funds Administrators (PFAs) in Nigeria have reduced the funds invested in fixed deposits and bank acceptances to N1.6 trillion as of February 2023. This reduction comes as the total funds under the Contributory Pension Scheme have reached N15.49 trillion.
The Commission's unaudited report on the pension funds industry portfolio for the period ending February 28, 2023, also revealed information on the approved existing schemes, Closed Pension Fund Administrators, and Retirement Savings Funds. In December 2022, PFAs invested N1.94 trillion in fixed deposits and bank acceptance, according to the report.
The Commission amended its investment regulation, outlining the requirements for investing the funds in line with the provisions of the Pension Reform Act of 2014. The regulation's purpose is to establish uniform rules and standards for the investment of pension fund assets, according to the Commission.
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