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|Nigeria's Pension Asset Dips #51.3billion In February 2021 by Layze(m): 2:33pm On May 05|
Nigeria’s total pension assets lost a total of N51.3 billion to stand at N12.25 trillion in the month of February 2021. This is according to the monthly pension report released by the Nigerian Pension Commission.
According to data compiled by Nairametrics Research, Nigeria’s pension assets fell to their lowest position in four months, characterized by the decline in bond prices, and profit-taking activities in the Nigerian equity market.
- The total pension asset declined by 0.42% from N12.29 trillion recorded as of January 2021 to N12.25 trillion in February 2021.
- Federal Government bonds stood at N7.34 trillion, accounting for 59.6% of the total pension asset under management.
- Also, local money market securities, which stood at N1.62 trillion as of February 2021, accounted for 13.4% of the gross asset for the period under review.
- Mutual funds recorded a decline of 1.3% to stand at N158.96 billion from N162.1 billion recorded in the previous month.
- However, treasury bills increased by 5.5% from N670.34 billion recorded as of the last day of January 2021 to N676.91 billion at the end of February 2021.
Why the decline?
While responding to questions regarding the recent decline in pension fund assets, Oguche Agudah, the CEO of Pension Fund Operators Association of Nigeria (PenOp), stated that it was due to the decline in prices of fixed securities.
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