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Contributory Pension Scheme: Pension assets hit N16.76trn in Q3
Contributory Pension Scheme: Pension assets hit N16.76trn in Q3
By nigeriancourier.com on October 10
Mrs. Aisha Dahir-Umar, Director-General, National Pension Commission (PenCom), on Tuesday said that the Pension fund assets under the Contributory Pension Scheme (CPS), has soared to N16.76 trillion at the end of the third quarter of the year.
Dahir-Umar, said this in Kano at the National Pension Commission/Nigeria Employers Consultative Association (NECA) Interactive Session on the Contributory Pension Scheme for the organised private sector.
Represented by the Commissioner Administration, PenCom, Dr Faruk Aminu, she said that the figure was the total fund accruing from pension contributions in the country under the CPS as at the end of third quarter of 2023.
She explained that the pension industry was one of the fastest-growing financial sectors in Nigeria.
According to her, at the end of the third quarter of 2023, the number of RSAs under the CPS stood at 10 million and the size of the pension Asset under Management amounted to N16.76 trillion.
“The commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones.”
The Director-General urged employers to encourage their workers to transfer contributions of the Nigerian Social Insurance Trust Fund (NSITF) to their retirement savings accounts (RSAs).
This, she said, was in compliance with the commission’s responsibility of supervising the transfer, following the enactment of the Pension Reform Act (PRA) 2014.
“The commission is saddled with the responsibility of supervising the transfer of the NSITF contributions of employees into their respective RSAs under the CPS,” Dahir-Umar said.
Dahir-Umar further assured the private sector that the commission would continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS.
She also said the commission would always support NECA to champion programmes that would ensure the successful implementation of the CPS in Nigeria.
Similarly, Adewale Smatt-Oyerinde, Director-General, NECA, lauded the pension regulator on its effort at providing reforms to improve its services.
Smatt-Oyerinde, however, said the deliberation would give room for more improvement and development in the pension sector.
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By Aminu Garko
Senator Sani Musa, Chairman of the Senate Committee on Finance, has congratulated First Lady Senator Oluremi Tinubu on her 65th birthday.
In a congratulatory message, Senator Musa described the First Lady as “an Amazon and a source of inspiration to millions of Nigerians.”
Sen.Musa praised Senator Tinubu’s life of impact, devotion to God, and service to the nation.
He celebrated her compassion, strength, and dedication to the welfare of women, children, and the less privileged, noting that she continues to inspire hope across Nigeria.
The Senator wished the First Lady many more years in good health, wisdom, and strength, expressing confidence that she will continue to support President Bola Tinubu and champion noble causes that will uplift the nation.
On behalf of the people of Niger East, I join in celebrating the First Lady’s special day and pray for her continued good health and well-being.
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The Chairman, House of Representatives Committee on Appropriations, Rep. Abubakar Kabir Bichi, says the Federal Government has committed over N12 billion to a solar power project at Aminu Kano Teaching Hospital (AKTH).
Speaking at the flag-off of the project in Kano, Bichi, who represents Bichi Federal Constituency, said the initiative would make the hospital independent of the national grid.
He explained that the project is part of the government’s plan to solarise all tertiary institutions and teaching hospitals across the country, beginning with AKTH.
According to him, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda to strengthen healthcare infrastructure.
“The Federal Government set aside N300 billion in the 2025 appropriation act, and very soon all our tertiary institutions and teaching hospitals, including those owned by states, will enjoy 24-hour solar power.
“This year alone, I have attracted projects worth over N26 billion to AKTH, which has never happened in its history,” he said.
Bichi added that similar projects were underway at Bayero University Kano, Aliko Dangote University of Science and Technology Wudil, and Murtala Mohammed Specialist Hospital.
He also commended Tinubu for supporting the project, describing it as a milestone in healthcare service delivery.
In his remarks, the Minister of Science, Technology and Innovation, Chief Uche Nnaji, said the initiative marked the translation of the Renewed Hope Agenda from vision to tangible action.
On his part, the Director-General of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, assured that the project would be delivered before December.
“This is the first of its kind in Nigeria. We are targeting about 10,000 projects across the 36 states and the FCT to ensure 100 per cent solarisation of facilities,” Abdullahi said.
The Chief Medical Director of AKTH, Prof. Abdulrahman Sheshe, said the hospital spends about N150 million monthly on electricity bills and an additional N30 million on diesel.
“With this intervention, the hospital will save more than 30 per cent of its expenses. This project could not have come at a better time, especially after the recent power dispute we had,” he said.
Before the flag-off, Bichi inspected the ongoing construction of a five-storey Accident, Emergency and Trauma Centre at the hospital, another project facilitated by the Federal Government.
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