Abuja, Oct. 6, 2026 – Nigeria’s housing affordability crisis is pushing more workers to use their retirement savings to finance homeownership, with 28,437 pension contributors accessing their Retirement Savings Accounts for mortgage equity contributions in the first quarter of 2026.
Data from the National Pension Commission (PenCom) show that the number of contributors accessing pension savings for homeownership rose by 284.3 per cent from 7,399 in the fourth quarter of 2025.
The amount withdrawn also increased sharply, reaching ₦92.7 billion in Q1 2026 from ₦28.27 billion in the previous quarter, representing a 227.9 per cent increase.
Pension Savings Become a Growing Route to Homeownership
The sharp increase suggests that pension savings are becoming an increasingly important source of equity for workers seeking to buy residential property.
Under the Contributory Pension Scheme, eligible Retirement Savings Account holders can access part of their accumulated savings as equity contributions towards residential mortgage financing, subject to PenCom’s guidelines.
For workers struggling to raise the upfront funds required by mortgage providers, the provision offers an alternative source of capital at a time when property prices and other housing-related costs remain elevated.
The scale of the increase, however, also highlights the financial pressure facing prospective homeowners.
Rather than relying solely on income or conventional savings to raise deposits, a growing number of workers are drawing on long-term retirement assets to meet the immediate capital requirement for homeownership.
28,437 Workers Access ₦92.7bn
PenCom’s figures show that 28,437 contributors accessed their RSAs for homeownership equity contributions during Q1 2026.
That compares with 7,399 contributors in Q4 2025, representing an increase of more than four times within a single quarter.
The value of withdrawals followed a similar trajectory, rising from ₦28.27 billion to ₦92.7 billion over the same period.
The figures indicate that both participation and the average amount accessed increased significantly as workers sought to bridge the gap between their available savings and the cost of acquiring residential property. (NHM)