The National Pension Commission (PenCom) has said that only 18,811 of the 219,316 Personal Pension Plan (PPP) accounts registered under the scheme have received contributions, translating to a funding ratio of just 8.5 per cent.
This was contained in the commission’s latest Nigerian Pension Industry Quarterly Report.
The development means that more than nine out of every 10 PPP accounts remain inactive despite growing enrollment numbers.
PenCom said with the current funding figures, it will not be able to meet its PPP target of 30 per cent funded accounts by Q4 2026.
PenCom acknowledged that the industry has focused more on account registrations than actual savings mobilisation, warning that the current trend threatens the scheme’s long-term objectives.
The Commission stressed that future assessments of pension inclusion should be based on funded accounts rather than registration figures alone.
According to PenCom, total quarterly contributions under the PPP stood at N147.16 million, while cumulative inflows since the scheme’s inception have reached N1.66 billion.
The Commission noted that the true measure of success for the scheme will be the proportion of contributors actively saving rather than the number of accounts opened.
It added that to reset the PPP playbook, the Commission will publish funding-conversion targets at PFO level, activate the Accredited Pension Agent network at scale, and deepen distribution partnerships with cooperatives, fintechs, telecommunications operators, trade unions and professional associations to move the informal sector from registration to sustained contribution.
