The Federal Government has settled more than ₦39.63 billion in long-standing pension liabilities owed to thousands of pensioners under the Defined Benefit Scheme (DBS), including retirees of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), and other federal government parastatals.
The Pension Transitional Arrangement Directorate (PTAD) announced the development on Monday, describing it as a major milestone in the government’s efforts to clear inherited pension obligations under the Renewed Hope Agenda of President Bola Tinubu.
According to PTAD, the payments include ₦25.05 billion representing outstanding 35-month pension liabilities owed to 9,675 eligible pensioners of the defunct NITEL and MTEL.
- Advertisement -
The Directorate also disclosed that ₦9.48 billion was paid as the initial 50 per cent of Back End Computation (BEC) arrears to 3,959 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN).
In addition, the government settled ₦5.09 billion, representing the remaining 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of the defunct Assurance Bank, NICON, NITEL and People’s Bank of Nigeria.
PTAD said the settlements reflect the Federal Government’s commitment to improving the welfare of retirees and addressing outstanding pension obligations inherited over the years.
Speaking on the development, PTAD Executive Secretary, Tolulope Odunaiya, commended President Tinubu for his support, stating that the administration’s intervention has strengthened the administration of the Defined Benefit Scheme and restored confidence among pensioners.
She said the Directorate had now resolved all outstanding inherited pension liabilities under its management, providing relief to thousands of affected retirees.
Odunaiya explained that the payments followed presidential approval granted to PTAD in August 2025, while the required funding was subsequently provided through the 2026 Appropriation Act.
According to her, the liquidation of the liabilities demonstrates the Federal Government’s commitment to sustaining pension reforms and ensuring that pensioners receive their entitlements in line with the objectives of the Renewed Hope Agenda.
She also expressed appreciation to affected pensioners for their patience while the outstanding liabilities remained unresolved.
PTAD reaffirmed its commitment to maintaining transparent, efficient and pensioner-focused service delivery, adding that it would continue to work towards protecting the welfare and dignity of retirees under the Defined Benefit Scheme.
