Nigeria Nigerians Receive N14.2 Billion Relief from Pension Funds Amid Economic Hardships

Amid rising unemployment rates, Nigeria's National Pension Commission approved the disbursement of N14.2 billion to 8,651 individuals who experienced temporary job loss in the first quarter of 2024.

The National Pension Commission (PenCom) has approved the disbursement of N14.2 billion to 8,651 Nigerians who experienced temporary job loss in the first quarter of 2024. This move comes amidst a surge in unemployment rates across the country, highlighting the financial strain faced by many individuals. The disbursement reflects PenCom's efforts to alleviate the economic challenges caused by job losses, providing much-needed relief to affected individuals under the age of 50. The total amount disbursed averages around N1.64 million per person, offering critical financial support during these difficult times.

Since the inception of the pension scheme, a total of N238.19 billion has been approved for 501,807 requests, indicating a growing reliance on pension funds as a financial safety net. The approval rate stands at approximately 97%, underscoring PenCom's role in providing essential financial assistance to Nigerians facing unemployment. The private sector remains predominantly affected, with 8,167 approvals in Q1, reflecting the sector's vulnerability to economic fluctuations. However, job loss also impacts the public sector, with nearly 500 individuals seeking financial relief during the same period.

Overall, the disbursement of pension funds highlights the pressing need for robust economic policies and job creation strategies in Nigeria. While the funds offer temporary relief, they underscore the deeper economic challenges faced by the country and the importance of addressing unemployment effectively

Source: Nairametrics