In 2022, Nigeria workers below 50 years withdrew a record ₦26.9 billion of their pension funds

Over time, Nigerian workers under 50 have increasingly relied on pension savings during unemployment. This graph illustrates the upward trend with some fluctuations in both the total amount withdrawn — ₦26.9 billion in 2022, and the number of approved withdrawals. Individuals who can withdraw 25% of their retirement savings balance are those who disengaged/retired before the age of 50 years in accordance with the terms and conditions of their respective employment and stayed unemployed for at least six months.

Source:

National Pension Commission

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Period:

2009 - 2022

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