The Bola Tinubu administration has paid a total of N39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners.
The Federal Ministry of Finance confirmed the payment of the pension liabilities from inheritance in a statement on Friday.
The payment was said to cover outstanding liabilities to pensioners of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance and the defunct People’s Bank of Nigeria.
On the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele said it is a re-affirmation of the federal government’s commitment to improving the welfare of Nigerian pensioners.
The payments were made by the Pension Transitional Arrangement Directorate (PTAD) under the supervision of the Federal Ministry of Finance, on the directive of the Minister to give priority to the payment of verified pension liabilities.
The payment shows the administration’s commitment to ensure that retired public servants are paid the benefits they worked for over decades of dedicated service, Oyedele said.
“A nation that values service must also honor those who gave their productive years in its service. It is about people, not just numbers. It is about restoring confidence, rewarding sacrifice and giving thousands of pensioners and their families the reassurance that they have not been forgotten,” Head of Information and Public Relations at the Ministry, Efe Ovuakporie, quoted Oyedele as saying.
The Minister said the disbursement covered three categories of outstanding pension obligations that had built up over the years.
It said PTAD paid N25,053,703,604.12 to liquidate the outstanding 35 months pension liability due to 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9,481,886,576.53 representing the initial 50 per cent payment of the Back-End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme pensioners.
In addition, PTAD paid the sum of ₦5,094,784,054.27 being 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 Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
“The government continues to be conscious of the real lives behind each pension payment,” Oyedele said.
Behind every approved payment, the Minister said, “there is a retiree who faithfully served this country, a family who has waited patiently, and a story that deserves a positive ending.
“We will continue to support programs that enhance the lives of our senior citizens without sacrificing fiscal discipline and accountability.”
He praised the management and staff of PTAD for the swift implementation of the directive, saying the successful disbursement was a demonstration of what can be achieved when institutions come together in the public interest.
“PTAD has shown professionalism in implementing this exercise. “The Ministry will continue to provide policy direction and support required to strengthen pension administration and ensure that verified obligations are settled as resources become available,” Oyedele said.
The Director-General of PTAD, Mrs. Tolulope Odunaiya, stated that the Directorate is committed to providing efficient pension administration and thanked the Minister for his leadership and support, which enabled the release and quick disbursement of the funds.
