Over 91% of Nigeria’s PPP retirement accounts stay unfunded Q1 2026
About 91.4% of retirement savings accounts under Nigeria’s Personal Pension Plan (PPP) had received no contributions by end-Q1 2026, despite 219,316 accounts being registered. Only 18,811 accounts (8.58%) were funded, leaving 200,505 empty. PPP contributions totalled ₦147.16 million in the quarter, bringing cumulative inflows to ₦1.66 billion, while contingent withdrawals reached ₦11.12 million from 15 contributors via four PFAs.
The low funding rate highlights a major gap between PPP sign‑ups and active retirement saving, even as the wider pension industry expands—total pension assets hit a record ₦31.32 trillion in May 2026, up 29.5% year‑on‑year. PenCom is reviewing the pension framework, signaling a possible rise in the statutory 18% contribution rate (employer 10% + employee 8%) and planning a new investment vehicle to channel pension funds into infrastructure.
To make sure your retirement savings grow, verify that your PPP RSA is active and funded, consider making voluntary top‑ups if your employer’s remit is delayed, and follow PenCom’s announced reforms for higher contribution rates and infrastructure‑linked investment options. Will you check your RSA status today and adjust your contributions to close the funding gap?