The Personal Pension Plan recorded a total of 219,316 registrations from inception to the first quarter of 2026, with only 18,811 accounts funded.
This is according to the first-quarter pension industry data released by the National Pension Commission.
The data showed that funded Retirement Savings Accounts accounted for 8.6 per cent of total PPP registrations, while 200,505 accounts, representing 91.4 per cent, remained unfunded.
The figures highlighted the significant challenge facing the PPP, particularly the need to convert registrations into active accounts with sustained pension contributions.
The data further showed that total contributions under the PPP stood at N1.66 billion from inception to the first quarter of 2026.
It also indicated a significant increase in quarterly contributions, with contributions rising from N103.30 million in the fourth quarter of 2025 to N147.16 million in the first quarter of 2026.
This represented an increase of N43.86 million or 42.46 per cent during the period.
The Personal Pension Plan is designed to enable self-employed persons and workers in the informal sector to participate in the Contributory Pension Scheme and build retirement savings.
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