The National Pension Commission (PenCom) said it would intensify efforts to ensure further diversification of investments in pension fund portfolio assets.
The Director-General, PenCom, Mrs Aisha Dahir-Umar, stated this in the Commission’s 2022 fourth quarter report on Thursday in Lagos.
Dahiru-Umar said the Commission had stepped up its efforts to ensure sustainable investment by pension funds in alternative asset classes, during the quarter under review.
She said that PenCom also structured infrastructure projects that met the strict requirements of the Pension Fund Investments Regulation.
According to her, the Commission is making efforts to ensure that the average annual pension fund returns for Retirement Savings Account (RSA) and legacy funds exceed headline inflation.
“We continued our efforts to ensure further diversification of investments in pension fund portfolio assets.
“While rising inflation continues to challenge the Nigerian economy, it should be noted that efforts are being made to ensure average annual pension fund returns for RSA and legacy funds exceed headline inflation,” she added.
Dahir-Umar stated that the significant achievement in the Nigerian pension industry would not have been possible without the right people, strategy, culture and governance structure to support delivering consistent and sustainable value to all stakeholders.
She pledged the commission’s unwavering commitment to meeting the needs of its stakeholders, provide best practice in pension regulation and supervision in Nigeria.
Nigeria working to remove oil subsidy without disrupting livelihood
The Federal Government says it is considering how best to achieve subsidy removal without disrupting the entire ecosystem of livelihood in Nigeria.
The Federal Government said it was committed to its removal but could not be too specific till every indices was considered, to ensure that the effect would not be harsh on average Nigerian.
Amb. Gabriel Aduda, Permanent Secretary, Ministry of Petroleum Resources said this while briefing newsmen on Thursday at the end of the Nigeria International Energy Summit (NIES 2023).
The summit was declared open at the Presidential Banquet Hall by the President Muhammadu Buhari, through Secretary to the Government of the Federation, Boss Mustapha.
The NIES sixth edition which held from April 16 to April 20 had its theme as ”Global Perspectives for a Sustainable Energy Future”.
Aduda said though subsidy removal had been in touch for sometimes but President Muhammadu Buhari, the Minister of Petroleum Resources was taking it very seriously, including everyone in the industry.
`We totally understand the importance of removal of subsidy but we also understand the greater importance of the citizens in the scheme of things.
“As we speak we are still taking a very close look at how best to achieve subsidy without disrupting the entire ecosystem of livelihood in Nigeria.
“Because that is our responsibility as government, we have to ensure that the buffers are in place and Forex is made available for imports.
“We have to ensure that supply is available for a minimum of six months to make disruption minimal,” he assured.
He said there were quite a number factors to look at but yet was committed towards it.
The permanent secretary said in order to match words with action, it would like to begin the 2024 NIES with a session on the fall out of suggestions made in 2023 as agreed in the communique.
According to him, items that have been achieved between 2022 and 2023 would be listed.
He said its achievements would include number of rules and regulations turned out by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to him, the recommendations form parts of policies implementation.
