PenCom: 91.4% of Nigeria’s personal pension accounts remain unfunded

As of the first quarter of 2026, an overwhelming 91.4% of retirement savings accounts (RSAs) under Nigeria’s Personal Pension Plan (PPP) remained unfunded, according to data released by the National Pension Commission (PenCom). Out of the 219,316 PPP RSAs registered, only 18,811 accounts, which represent just 8.58%, had received contributions, leaving 200,505 accounts without any funding.

The total contributions amounted to N147.16 million for the period, with cumulative contributions since the plan's inception reaching N1.66 billion. Despite ongoing participation in the scheme, the significant disparity between the number of registered accounts and those actively funded underscores the urgent need for reform. PenCom is currently reviewing Nigeria’s pension framework in an effort to enhance contributions and expand the role of pension assets in the economy.

Nairametrics previously reported a 24.7% increase in new Retirement Savings Accounts (RSAs) registered under Nigeria’s Contributory Pension Scheme (CPS) in the first quarter of 2026, up from 114,864 in the previous quarter. As of May 2026, the pension industry in Nigeria had reached a record N31.32 trillion in total assets, according to PenCom’s unaudited industry report.

While the broader pension industry continues to expand, the data on PPP highlights the critical issue of converting registered accounts into actively funded retirement savings, a gap that must be addressed to ensure a sustainable financial future for Nigerian retirees.