According to the report, most of the pension fund assets were invested in FGN Securities. However, its share of the total assets moderated to 65.92% (or N8.11 trillion) in the month under review, from a 70.96% (or N7.40 trillion) recorded in 2020, as pension managers moved funds away from T-bills given the collapse of the yields, particularly in the money market, to record low single-digits amid CBN’s accomodative stance to cushion the effect of COVID-19 pandemic on the economy. As Pension Fund Administrators (PFAs) shifted focus from investment in T-bills, we saw investment preference drifting towards Local Money Market Securities (LMMS) as total funds invested in this space rose y-o-y by 39.61% to N1.65 trillion in January 2021 (lifting its share of the total assets to 13.40%), from N1.18 trillion in January 2020 (or 11.31% of total assets).