Commentary

4.4 Private pension contributions

Nigeria
Nigeria | Commentary

4.4 Private pension contributions

Nigeria | Commentary

4.4     Private pension contributions

For pensions under the purview of the Nigeria pension commission (NPC), see 2.2.2.

PITA, s 20(1g) allows a tax deduction for pension contributions to pension schemes, provident funds, and retirement benefits funds recognised under the Pension Reform Act (PRA) 2014.

This means that contributions to foreign pension schemes do not qualify for an income tax deduction in Nigeria. The employer is responsible for ensuring that only contributions to approved pension schemes are treated as an allowable PAYE deduction on their payroll.

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