Govt pension contribution drops to 16-year low as poor finances hit workers

The federal authorities and states are having a tough time, and civil servants are already experiencing the implications.

In accordance to knowledge obtained from the Nationwide Pension Fee (PenCom) on Friday, Nigerian workers each private and non-private obtained N191.44 billion pension contribution in first-quarter 2022.

Out of this complete, the general public sector accounted for N90.33 billion or 47.18%, whereas the non-public sector contributed N101.11 billion or 52.82%.

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The quantity contributed by states and federal authorities within the Q1, 2022 is the bottom quantity since 2007 when it stood at N80.63 billion.

On the identical time of Q1, 2021, federal and states authorities contributed $116.13 billion.

In the meantime, PenCom mentioned the cumulative pension contributions from inception to the top of the primary quarter of 2022 amounted to N7.77 trillion, which is a rise from N7.58 trillion as on the finish of This autumn:2021.

The combination pension contributions of the general public sector elevated from N3.92

trillion to N4.02 trillion as on the finish of Q1:2022.

Equally, the combination pension contributions of the non-public sector elevated from N3.66 trillion to N3.76 trillion as at Q1:2022.

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