•As FG clears liabilities of over 24,000 retirees 

By Victor Ahiuma-Young

Thousands of pensioners under the Federal Government’s Defined Benefit Scheme, DBS, have received a major financial boost as the Federal Government has  cleared more than N39 billion in long-standing pension liabilities, bringing relief to retirees of the defunct NITEL/MTEL, PHCN and other federal parastatals.

The payments, approved under President Bola Ahmed Tinubu’s Renewed Hope Agenda, cover outstanding pension arrears owed to over 24,000 eligible pensioners, ending years of uncertainty and financial hardship for many retirees who had waited decades for their entitlements.

The Pension Transitional Arrangement Directorate, PTAD, in a statement by its Head, Corporate Communications, Olugbenga Ajayi, described the development as a landmark achievement in the Federal Government’s efforts to restore confidence in the DBS.

According to the statement, the settlement demonstrates the administration’s commitment to protecting the welfare and dignity of senior citizens.

Speaking on the development, the Executive Secretary of PTAD, Tolulope Odunaiya, expressed appreciation to President Bola Tinubu for what she described as his unwavering support and visionary leadership in strengthening pension administration.

She disclosed that N25.05 billion was paid to settle the outstanding 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.

Odunaiya also announced that N9.48 billion was released as the initial 50 per cent payment of the Back End Computation, BEC, arrears to 3,959 eligible PHCN pensioners.

In addition, the Federal Government paid N5.09 billion, representing the balance of the 50 per cent payment 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.

According to the PTAD Executive Secretary, the payments followed presidential approval granted to the Directorate in August 2025, while the required funds were subsequently provided in the 2026 Appropriation Act.

She noted that the successful liquidation of the inherited liabilities effectively brings to an end all outstanding pension obligations inherited by the Directorate, adding that the achievement reflects the Federal Government’s resolve to sustain pension reforms and ensure prompt payment of pensioners’ entitlements.

Odunaiya thanked affected pensioners for their patience and confidence throughout the period the arrears remained unpaid, assuring them that PTAD would continue to deliver transparent, efficient and pensioner-focused services in line with the objectives of the Renewed Hope Agenda.