Demand for pensionsavings for home acquisition rose by 86.5 in the fourth quarter of 2024 reflecting the impact of the harsh economic situation on the purchasing power of Nigerians.
According to the fourth quarter 2024 pension industry report released by the National Pension Commission, PenCom, the number of RSA holders that accessed their pensions contributions for residential mortgage increased by 86.5 per cent Quarter-on-Quarter, QoQ, in the fourth quarter 2024, Q424, to 7094 from 3804 recorded in Q324.
However, the total amount disbursed to acquire the mortgage declined by 7.3 per cent to N30.24 billion in Q424 from N32.62 billion recorded in the previous quarter.
The report stated: During the quarter under review, a total of 7,094 RSA holders were approved to access up to 25 of their RSA balances for the purpose of equity contributions toward residential mortgage payments. Of these, 1,902 contributors were from the private sector, while 5,192 were from the public sector, including both Federal and State employees. The total amount approved for disbursement under this initiative was N30.24 billion.