The National Pension Commission (PenCom) has disclosed that a significant majority of Personal Retirement Savings Accounts (PRSAs) in Nigeria remain unfunded, highlighting persistent challenges in the country’s pension system. According to the commission, about 91.4 per cent of registered personal pension accounts currently have no funds in them, meaning that only a small proportion of the accounts are actively receiving pension contributions. The development has raised concerns about the effectiveness of pension participation and the need to encourage more Nigerians to make regular contributions toward their retirement. PenCom has continued to promote the Contributory Pension Scheme and other initiatives designed to expand pension coverage, particularly among workers in the informal sector and self-employed Nigerians. The commission has emphasized that maintaining an active pension account and making consistent contributions are essential steps toward achieving financial security after retirement. The high number of unfunded accounts also reflects challenges such as irregular income, limited awareness, weak contribution habits and difficulties faced by some workers in participating fully in the pension system. Industry stakeholders have urged stronger public education and improved access to pension services to encourage account holders to fund their PRSAs. They also stressed the importance of policies that would make pension participation easier and more attractive for Nigerians across different income groups. PenCom is expected to continue working with pension operators and other stakeholders to improve compliance, increase active pension accounts and strengthen retirement planning nationwide.
