Chuks Udo Okonta
The National Pension Commission (PenCom) says only nine states had commenced remittance of contributions into the Retirement Savings Accounts of their employees.
PenCom in its first quarter 2015 review, stated that the states are: Lagos; Delta; Rivers; Kaduna; Zafara; Niger; Ogun; Osun and Anambra. It noted that out of the nine states, only seven of them are funded, while those of Kaduna and Zafara are not funded.
It said the total value of pension assets increased from N4,611.29 billion as at the end of the fourth quarter of 2014 to N4,746.00 at the end of the first quarter of 2015, representing an increase of N134.71 billion (2.92 per cent).
The Commission said as at the end of the first quarter, 26 states governments had enacted laws on the contributory pension scheme, while the remaining 10 were at the bills stage.
It noted that six states have commenced the funding of their Retirement Benefit Bond Redemption Fund Accounts (RBBRFAS), adding that the states are: Lagos which had remitted N10 billion; Osun, N1.15 billion; Osun Local Government, N2.27 billion; Ogun, N1.43 billion; Delta State Bureau N5.53 billion; Delta Local Government N3.34 billion; Rivers N3.10 billion and Niger N9.10 billion.
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