A total of 9,494 Retirement Savings Account (RSA) holders were approved to withdraw 25% of their balances due to temporary unemployment.
Nearly 10,000 Nigerians accessed their pension savings in Q3 2024 to cope with job loss and economic hardship, data from the National Pension Commission reveals.
A total of 9,494 Retirement Savings Account (RSA) holders were approved to withdraw 25% of their balances due to temporary unemployment.
“Out of the 9,494 applicants whose benefits were approved, 9,074 were from the private sector, while the remaining 420 were from the public sector,” the Commission stated. Withdrawals totaled N9.95 billion.
Pension Fund Operators Association CEO, Agudah Oguche, said the Contributory Pension Scheme (CPS) reflects strong support for contributors during critical times.
Julius Obah, a former advertising worker, said, “It was a good relief… I would have liked to take more but my PFA insisted I cannot take more than 25 percent.”
Another beneficiary, Euphemia Ameh, said the payout helped her start a petty trade after job loss: “I’m looking forward to collecting the final balance now that I’ve turned 50,” she added.
