FG targets N15.5trn pension assets by 2024

The Federal Government estimates that it could grow the nation’s pension assets by almost 300 percent from $27.2 billion (about N4.216 trillion) March 2014 figure to $100 billion (N15.5 trillion) in the next two decades.

From a deficit of about N2 trillion (about $12.9 billion) in 2004, Nigeria has in ten years accumulated pension assets to a record N4.216 trillion, showing some 9 percent of the nation’s old GDP and 5 percent of the rebased figure.

Speaking on Monday in Abuja as he

President Jonathan signs pension bill into law

President Goodluck Jonathan has signed the Pension Reform Bill 2014 into law.

The new law repeals the 2004 Pension Reform Act No. 2 and prescribes a 10- year jail term for pension thieves.

The Senate and the House of Representatives had, respectively, passed the new 2014 Pension Reform Bill which also accommodates employees of private firms in the contributory pension scheme.

According to postings on the Twitter handle of the presidential media aide, Reuben Abati, on Tuesday, the