Barbara Bako, Abuja.
The Federal Government has cleared N39.63 billion in outstanding pension liabilities owed to 24,814 retirees under the Defined Benefit Scheme (DBS), bringing to an end years of unpaid arrears for pensioners from several defunct public institutions.
The disbursement, carried out by the Pension Transitional Arrangement Directorate (PTAD), followed a directive by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, to prioritise the settlement of verified pension obligations.
A breakdown of the payments showed that N25.05 billion was used to clear 35 months of pension arrears owed to 9,675 pensioners of the defunct NITEL/MTEL.
Another N9.48 billion was disbursed as the first 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN).
PTAD also paid N5.09 billion, representing the outstanding 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 Insurance, NITEL and People’s Bank of Nigeria.
Speaking on the development, Oyedele said the payment reflects the Federal Government’s commitment to meeting its obligations to retired public servants.
“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten.”
The minister said the government would continue to improve the welfare of pensioners while maintaining fiscal discipline and accountability.
“Behind every approved payment is a retiree who served this country faithfully, a family that has waited patiently and a story that deserves a positive ending. We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability.”
He also commended PTAD for implementing the payment exercise, saying the agency had demonstrated professionalism in executing the directive.
“PTAD has demonstrated professionalism in implementing this exercise. The Ministry will continue to provide the policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available.”
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said the successful disbursement underscored the Directorate’s commitment to efficient pension administration and expressed appreciation to the Minister of Finance for supporting the release of the funds.
The latest payment is expected to provide relief to thousands of retirees who had waited years for the settlement of their outstanding pension entitlements.
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