The National Pension Commission (PenCom)says it  recorded N21.92 trillion in total pension fund assets in October, an increase of N1.13 trillion from the previous year.

Acting director-General  of PenCom, Omolola Oloworaran revealed this on Thursday  at a conference in Abuja.

Mrs Omolola revealed  that the contributory pension scheme (CPS) reached 10.53 million registered contributors as of October 2024.

She further explained that the commission faces challenges due to high inflation, devaluation of the Naira, and unorthodox monetary policies.

And in solving the problem  PenCom has initiated a comprehensive review of investment regulations, focusing on diversifying pension fund investments into inflation-protected instruments, alternative assets, and foreign-currency-denominated investments.

The commission also noted that it has   revamped its micro pension plan and leveraged technology to incentivize informal sector participation, making it easier for everyday Nigerians to save for retirement.

The DG Omolola has further pointed  that the commission is also working with the federal government to institutionalize a sustainable solution for retirees.