Micro pension: 164,031 informal sector workers register, save N967.19m

Nike Popoola

The Micro Pension Plan (MPP), introduced under Nigeria’s Contributory Pension Scheme, continues to show a steady growth. As of the third quarter of 2024, 164,031 informal sector workers have registered, with a total savings of N967.19 million.

The National Pension Commission (PenCom), disclosed this in its report titled, ‘Pension industry dashboard,’ obtained by Dailyeconomy on Saturday.

Launched in 2019 to provide retirement savings for informal sector workers, the program has steadily gained traction. Latest figures from the National Pension Commission (PenCom) reveal that as of Q3 2024, 164,031 people had registered under the Micro Pension Plan.

Notably, 12,241 of these workers have funded Retirement Savings Accounts (RSAs), with 5,971 new funded registrations from 2020 through Q3 2024.

The total savings in these RSAs now stand at ₦967,194,762.23, reflecting a significant growth of over ₦878 million from ₦89.13 million recorded in 2020.