By Mary Emeka
The Federal Government has disbursed ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners through the Pension Transitional Arrangement Directorate (PTAD), settling long-standing pension liabilities and bringing relief to thousands of retirees across the country.
The disbursement, carried out under the supervision of the Federal Ministry of Finance, followed a directive by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, to prioritise the payment of verified pension arrears.
According to a statement issued by the Head of Information and Public Relations Unit of PTAD, Efe Ovuakporie, the payment covers three categories of outstanding pension obligations that had accumulated over the years.
Speaking on the development, Oyedele said the payment underscores the Federal Government’s commitment to improving the welfare of retired public servants and ensuring they receive the benefits they earned through years of service.
“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,” he said.
A breakdown of the disbursement showed that ₦25.05 billion was paid to clear a 35-month pension liability owed to 9,675 eligible DBS pensioners of the defunct NITEL/MTEL.
PTAD also disbursed ₦9.48 billion, representing the initial 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN DBS pensioners.
In addition, ₦5.09 billion was paid as 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.
Oyedele noted that the payments would enable beneficiaries to meet pressing financial obligations, including healthcare expenses, family needs and other retirement commitments.
“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,” the Minister added.
He commended the management and staff of PTAD for the prompt implementation of the directive, describing the successful disbursement as evidence of effective collaboration in the public interest.
“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,” he said.
The Director-General of PTAD, Mrs. Tolulope Odunaiya, reaffirmed the Directorate’s commitment to efficient pension administration and expressed appreciation to the Minister for his leadership and support, which facilitated the release and prompt disbursement of the funds.
She said the payment represents another milestone in the Federal Government’s efforts to improve the welfare of retirees and strengthen confidence in the country’s pension administration system under the Renewed Hope Agenda.