Nigeria’s pension fund assets surged to N27.45 trillion at the end of December 2025, the unaudited pension funds industry portfolio report for the month has indicated.
The unaudited financial statement by the National Pension Commission (PenCom), showed that the 2025 year-end figures represented an increase of N399.27bn over the preceding month’s assets value, which stood at N27.05tn.
The report reflected that on a year-on-year basis, the total pension fund assets grew by N4.94tn, up from N22.51tn in December 2024, representing an annual growth of about 21.9 per cent.
According to the released data, the Retirement Savings Account Funds, particularly Fund II and Fund III, accounted for the largest part of the assets, with the RSA Fund II increasing from N9.24tn in December 2024 to N11.52tn in December 2025, RSA Fund III grew from N5.92tn to N7.02tn, representing about N1.10tn year-on-year growth while RSA Fund IV grew by about N630bn, from N1.62tn to N2.25tn at the end of 2025.
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Also, PenCom reported that assets under Existing Schemes also incresed from N2.79tn in December 2024 to N3.28tn in December 2025 compared with the CPFAs, which slightly increased from N2.60tn to N2.69tn.
An analysis of the unaudited financial statements of the commission showed that in the FY2025, Federal Government’s holdings of securities increased from N14.11tn in December 2024 to N16.33tn in December 2025, with Treasury Bills rising higher year-on-year, reinforcing the industry’s conservative risk posture.
Similarly, investment in domestic ordinary shares rose by about N1.71tn year-on-year from N2.24tn in December 2024 to N3.96tn in December 2025, reflecting improved equity market valuations and higher exposure, particularly within Fund II and Fund III portfolios.
The RSA contributors increased from 10.58 million in December 2024 to 11.04 million by December 2025, indicating more than 450,000 increase reinforcing steady contribution inflows into the system
The data indicated that on a month-on-month review, the December 2025 increase was largely due to valuation gains and fresh inflows into Retirement Savings Account Funds, particularly from Fund II, Fund III and Fund IV, which jointly accounted for the bulk of industry assets.
The data revealed that RSA Fund II, the largest and most actively invested fund, closed in December with assets of N11.52tn, compared with N11.27tn in November, showing a month-on-month growth of N244.62bn, just as Fund III rose to N7.02tn from N6.90tn, while Fund IV decreased to N2.25tn, marginally lower than its November assets value.
On a month-on-month basis, the FGN securities continued to dominate pension portfolios, closing December at N16.33tn, slightly above the preceding month’s N16.31tn level, and accounting for over 50% of the industry’s total assets. In this category, FGN bonds held to maturity remained the single largest investment, ending December at N12.83tn, while FGN bonds available for sale stood at N2.63tn.
Also, holdings of Treasury Bills increased to N761.09bn in December 2025 from N675.50bn in November, reflecting a renewed preference for shorter-dated government debt instruments in the last months of the year.
The PenCom’s report revealed that exposure to domestic ordinary shares surged, closing in December 2025 at N3.96tn, up from N3.70tn from the preceding month’s value due to both market appreciation and incremental allocations, especially in Fund II and Fund III portfolios.
However, money market instruments slightly declined month-on-month to N2.62tn in December 2025 from N2.81tn in November, primarily due to reductions in fixed deposits and foreign money market instruments. But then, holdings remained significant, indicating the pension industry’s continued emphasis on sound liquidity management.
Investments in real estate, private equity, and infrastructure funds all closed the year higher than November levels. Real estate assets rose to N170.76bn from N145.99bn, while infrastructure funds increased to N282.14bn, up from N257.23bn a month earlier.
The December data confirm that Nigeria’s pension industry closed 2025 on a strong footing, with total assets firmly anchored at N27.45tn, sustained dominance of government securities, improving equity exposure, and gradual deepening of alternative investments as the system continues to mature.
