The Federal Government has paid over N39 billion in long-outstanding pension liabilities to thousands of retirees under the Defined Benefit Scheme (DBS), fulfilling President Bola Tinubu’s pledge to clear inherited pension debts.
The Pension Transitional Arrangement Directorate (PTAD) announced the payments on Friday. They cover retirees from the defunct Nigerian Telecommunications Limited (NITEL) and its Mobile Telecommunications Limited (MTEL) arm, the Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the defunct People’s Bank of Nigeria.
Breakdown of the payments includes:
N25.05 billion — 35 months of pension arrears for 9,675 eligible NITEL/MTEL pensioners.
N9.48 billion — Initial 50% payment of Back End Computation arrears to 3,959 eligible PHCN pensioners.
N5.09 billion — Balance of 10.66% and 12.95% pension increment arrears for 11,180 eligible pensioners from Assurance Bank, NICON, NITEL, and People’s Bank.
PTAD described the settlement as a major milestone under the Renewed Hope Agenda, aimed at improving pensioners’ welfare. Executive Secretary Tolulope Odunaiya
