Dar es Salaam. The National Social Security Fund (NSSF) has seen its total fund size grow to Sh9.2 trillion as of February this year, up from Sh4.8 trillion in March 2021—a rise of over 90 percent, according to director general, Masha Mshomba.
The increase has been driven by a rise in member registrations and sound investment strategies.
“In the past four years, we have registered 1,052,176 members, leading to a significant increase in contributions,” Mr Mshomba told journalists at a press conference outlining the achievements of President Samia Suluhu Hassan.
Over the past four months, total contributions reached Sh6.99 trillion.
In the 2021/22 financial year, NSSF collected Sh1.4 trillion, rising to Sh1.7 trillion in 2022/23 and Sh1.9 trillion in 2023/24.
Investment revenues surge
Over the past four years, NSSF’s investment revenues have ranged between Sh425 billion and Sh575 billion annually, compared to an average of Sh500 billion in previous years.
The fund’s investment revenue is drawn from a total investment portfolio of Sh8.2 trillion, with Sh3.8 trillion placed in government securities.
Funding ratio rises
NSSF’s funding ratio has also improved due to the fund’s growing capacity.
The funding ratio—which measures the ability to meet long-term pension obligations—rose from 17.7 percent in 2020 to 90.7 percent in June 2023.
“This is well above the required global average of 40 percent for funds that pay long-term pensions,” Mr Mshomba said.
NSSF’s tax contributions
Since 2021, NSSF has paid Sh300 billion in taxes, earning it the recognition of Most Compliant Taxpayer during this year’s Taxpayer Day Celebrations.
“This is a positive contribution, as it enables the government to fulfil its responsibilities,” Mr Mshomba noted.
Nyerere Bridge revenue grows
The 680-metre-long cable suspension bridge, which connects Kigamboni District with Kurasini Ward across the Kurasini Creek and provides a vital link to the Dar es Salaam city centre, was built to ease congestion at the Magogoni ferry crossing.
Revenue from the bridge has increased from Sh1.13 billion in 2021 to Sh1.89 billion.
“Since the bridge became operational on April 19, 2016, total collections have reached Sh117 billion,” Mr Mshomba said.
The bridge is a joint venture between NSSF, which holds a 60 percent stake, and the government, which owns the remaining 40 percent.
