The Nigerian Government has disbursed ₦39.63 billion to 24,814 eligible pensioners under the Defined Benefit Scheme (DBS), settling outstanding pension liabilities and providing relief to thousands of retirees.
The payment, implemented by the Pension Transitional Arrangement Directorate (PTAD) under the supervision of the Federal Ministry of Finance, covered obligations owed to pensioners from the defunct NITEL/MTEL, Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance and People’s Bank of Nigeria.
According to the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, the intervention reflects the Federal Government’s commitment to improving the welfare of retired public servants while strengthening confidence in public institutions.
“A nation that values service must also honour those who gave their productive years in its service.
“This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten, “the Minister said.
A breakdown of the disbursement shows that PTAD paid ₦25.05 billion to clear outstanding 35-month pension liabilities owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.
The Directorate also released ₦9.48 billion, representing the first 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN pensioners.
In addition, ₦5.09 billion was paid as the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears owed to 11,180 eligible pensioners from the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
Mr. Oyedele said the present administration remains focused on ensuring that verified pension obligations are met as resources permit, stressing that the government recognises the sacrifices made by retirees.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending.
“We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability”, he stated.
The Minister also commended the management and staff of PTAD for the timely implementation of the payment directive, describing the exercise as a demonstration of effective institutional collaboration.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available”.
Director-General of PTAD, Mrs. Tolulope Odunaiya, reaffirmed the Directorate’s commitment to efficient pension administration, expressing appreciation to the Minister of Finance for his leadership and support in facilitating the release and prompt disbursement of the funds.
She noted that “PTAD remains committed to ensuring that eligible pensioners receive their entitlements promptly and transparently”.
Years for the Settlement
According to PTAD, “the latest payment is expected to provide significant relief to beneficiaries, many of whom have waited years for the settlement of their outstanding entitlements.
The agency added that it also forms part of the Federal Government’s broader efforts to enhance the welfare of retirees and strengthen public service delivery under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
