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FG borrowed over N6trn from pension fund


About N6.16 trillion out of the N8.49 trillion pension asset under the Contributory Pension Scheme has been borrowed by the Federal Government.


This was revealed by the National Pension Commission (NPC) on Tuesday in Abuja. It was reported by the pension commission that the Federal Government's borrowing signifies 72.5% of the pension fund.


The Pension Fund Administrators also spent 6.87% or N584.321bn of the fund in domestic ordinary shares and 0.71% or N60.529bn of the fund was spent in foreign ordinary shares, according to data from PenCom.


The commission stated that, it maintained its consultative ideology in running and management of the industry, said the risk-based examination approach was created as a means of boosting clarity and creating awareness as well as stimulating pension operators to frequently self-analyze their roles.


The Acting Director-General, PenCom, Mrs Aisha Dashir-Umar, stated that, in order to achieve a desirable pension sector, the commission grants no room for violation and consultative management ideology in the granting of regulations and the review of current ones to boost accurate corporate operation in the industry and guarantee the protection of the pension assets.
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