The Federal Government has successfully settled over N39 billion in outstanding pension liabilities owed to thousands of retirees under the Defined Benefit Scheme.
This initiative is part of a broader commitment to resolve longstanding debts inherited from defunct national institutions and banking entities.
The Pension Transitional Arrangement Directorate (PTAD) confirmed the payments on Friday, noting that the funds were disbursed to former employees of the Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), the Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the defunct People’s Bank of Nigeria.
According to the breakdown provided by PTAD, the settlement includes:
N25.05 billion covering 35 months of pension arrears for 9,675 eligible NITEL/MTEL retirees.
N9.48 billion representing an initial 50 percent payment of “Back End Computation” arrears for 3,959 PHCN pensioners.
N5.09 billion addressing the balance of pension increment arrears for 11,180 retirees across Assurance Bank, NICON, NITEL, and the People’s Bank.
PTAD Executive Secretary, Tolulope Odunaiya, described the payment as a milestone in the current administration’s efforts to prioritize the welfare of senior citizens.
She noted that the liquidation of these liabilities followed presidential approval granted in August 2025, with the necessary funding provided through the 2026 Appropriation Act.
“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,” Odunaiya stated.
She further emphasized that the intervention has effectively resolved all longstanding inherited liabilities, restoring confidence in the integrity of the pension administration system.
The directorate expressed its gratitude to the affected pensioners for their patience and reiterated its commitment to sustaining transparent and efficient service delivery for all retirees under the scheme.
