- Pension assets hit N23trn as push for state adoption of contributory scheme grows
Festus Okoromadu
Udeme Bassey
The Central Bank of Nigeria has revealed that the total sum of Naira in circulation decreased to N5 trillion in March 2025, from N5.04 trillion recorded in February 2025. The figure also represents a further reduction from N5.24 trillion in January 2025.
The apex bank disclosed this in its latest money and credit statistics on the website.
Naira in circulation is the total amount of physical currency circulating in the economy, representing money that is available for daily transactions, investments, and savings.
A decrease in currency in circulation can be part of efforts to reduce inflationary pressures and manage economic stability.
In addition to the naira in circulation, the CBN’s bank reserves have increased to N28.52 billion in March 2025, up from N27.57 billion in February 2025. In January 2025, the reserves stood at N27.43 billion.
Meanwhile, the special intervention reserves remained unchanged at N284.36 million during the three-month period.
Bank reserves refer to the funds held by the Central Bank and commercial banks to ensure liquidity and financial stability within the banking sector.
The steady rise in bank reserves is an indication of the CBN’s efforts to maintain financial security and stability in the economy.
The value of Nigeria’s currency in circulation had risen to N3.87 trillion by the end of March 2024.
This marked an increase from N3.69 trillion in February and N3.65 trillion in January. In addition, the currency outside of banks also saw a steady rise throughout the first quarter, growing from N3.28 trillion in January to N3.41trillion in February, and reaching N3.63 trillion in March.
Also, Nigeria’s money supply recorded its first decline in 2025, falling to N110.32 trillion in February from N110.94 trillion in January, data from the CBN showed.
The 0.56 percent month-on-month drop comes amid continued efforts by the apex bank to manage liquidity in the system, following earlier signals of monetary tightening and foreign exchange adjustments.
Pension assets hit N23trn as push for state adoption of contributory scheme grows
Meanwhile, the National Pension Commission has announced that pension assets under management have exceeded N23 trillion as of February 2025.
The Director General of PenCom, Omolola Oloworaran, revealed this on Wednesday in Kano during the first-run 2025 consultative forum for states and the Federal Capital Territory.
Oloworaran also said that the commission used more stringent enforcement tactics to collect N1.58 billion from employers who had fallen behind.
State remittances have been steadily improving, she said, indicating a rise in the Contributory Pension Scheme’s uptake.
Despite these positive accomplishments, she noted continuing hurdles, noting that just 25 states and the FCT have approved laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she said.
To address these gaps, Oloworaran said PenCom introduced a flexible adoption model to allow states to begin implementation with new employees or those with less than 10 years of service.
She added that the commission is providing technical assistance to help states plan for legacy liabilities and transition their entire workforce sustainably.
With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she stated.
While describing the forum as more than just a routine gathering, Oloworaran called it “a call to collective action” and encouraged attendees to share ideas and commit to building an inclusive pension system.
Also speaking at the event, the Head of Service in Kano State, Abdullahi Musa, reaffirmed the state’s dedication to pension reforms.
He commended PenCom’s efforts in promoting best practices and described the forum as a vital platform for policy dialogue, peer learning, and reform development.
Musa said the administration of Governor Abba Kabir Yusuf had made notable strides in overhauling the pension structure, especially by adopting a hybrid model that blends elements of the defined benefits system and the CPS.
According to him, the state government has paid N16 billion in outstanding pension entitlements covering about 40 percent of the liabilities inherited from past administrations.
