The federal government and states are having a difficult time, and civil servants are already experiencing the consequences.
According to data obtained from the National Pension Commission (PenCom) recently, workers both public and private received N191.44 billion pension contribution in first-quarter 2022.
Out of this total, the public sector accounted for N90.33 billion or 47.18%, while the private sector contributed N101.11 billion or 52.82%.
The amount contributed by states and federal government in the Q1, 2022 is the lowest amount since 2007 when it stood at N80.63 billion.
At the same time of Q1, 2021, federal and states government contributed $116.13 billion.
Meanwhile, PenCom said the cumulative pension contributions from inception to the end of the first quarter of 2022 amounted to N7.77 trillion, which is an increase from N7.58 trillion as at the end of Q4:2021.
The aggregate pension contributions of the public sector increased from N3.92trillion to N4.02 trillion as at the end of Q1:2022.
Similarly, the aggregate pension contributions of the private sector increased from N3.66 trillion to N3.76 trillion as at Q1:2022.