PenCom moves to reduce 28m housing deficit
By Patience Ikpeme
The National Pension Commission (PenCom) has announced plans to help reduce Nigeria’s housing deficit of approximately 28 million units.
PenCom hopes to achieve this by allowing the use of 25% Retirement Savings Account (RSA) balance to access residential mortgages.
Out of 10 million contributors to the Contributory Pension Scheme (CPS), only 187 RSA have accessed N3.1 billion for residential mortgages.
The plan aims to facilitate homeownership by RSA holders, deepen the mortgage sector through long-term finance, and reduce the housing deficit.
The Chief Executive Officer of PenOP, Agudah Oguche, confirmed that PFAs have disbursed N3.1 billion to 187 RSA holders as at the end of July 2023.
PenCom Director General, Mrs Aisha Dahiru-Umar, spoke on the new plan, stating that it focuses on protecting retirees’ rights, sustainable service delivery, and consistent and effective service delivery.
The creation of the Consumer Protection Department (CPD) she said highlights PenCom’s focus on customer service and confidence in the Pension Industry.
Dahir-Umar also reported an increase in pension assets by N1.77 trillion and new contributors by 146,920 in the first half of 2023.
The CPS aims to provide financial security in retirement for public and private sector workers.
