The Federal Government has announced the payment of over N39 billion in outstanding pension liabilities owed to thousands of retirees under the Defined Benefit Scheme, saying the disbursement fulfils President Bola Tinubu’s pledge to clear longstanding pension arrears.
The payment, disclosed on Friday by the Pension Transitional Arrangement Directorate, covers inherited pension obligations owed to retirees of the defunct Nigerian Telecommunications Limited, Mobile Telecommunications Limited, Power Holding Company of Nigeria, Assurance Bank, NICON and the defunct People’s Bank of Nigeria.
According to PTAD, the payment comprises N25.05 billion for a 35 month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL, N9.48 billion representing the first 50 per cent payment of Back End Computation arrears for 3,959 eligible PHCN pensioners, and N5.09 billion for the outstanding balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of Assurance Bank, NICON, NITEL and People’s Bank.
The directorate described the payment as a significant step in the Federal Government’s efforts to enhance the welfare of pensioners under the Renewed Hope Agenda.
Commenting on the development, PTAD Executive Secretary, Tolulope Odunaiya, expressed appreciation to President Tinubu for what she described as his continued support for pension administration.
> “These landmark achievements mark yet another significant milestone in the Federal Government’s unwavering commitment to safeguarding the welfare and dignity of Defined Benefit Scheme pensioners. It is a clear demonstration of the visionary leadership of His Excellency, President Bola Ahmed Tinubu, whose Renewed Hope Agenda places priority on social protection, inclusive governance, and the well-being of senior citizens.”
Odunaiya added that the President’s intervention had restored confidence in the Defined Benefit Scheme by resolving years of inherited pension liabilities.
