The Federal Government has paid over 39 billion naira in outstanding pension liabilities owed to thousands of retirees under the Defined Benefit Scheme, fulfilling a commitment by President Bola Tinubu to clear longstanding pension arrears, Peak Newspaper reports.
The Pension Transitional Arrangement Directorate (PTAD) announced on Friday that the payment covers pensioners of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the defunct People’s Bank of Nigeria.
According to PTAD, the disbursement includes ₦25.05 billion for 9,675 eligible NITEL/MTEL pensioners covering 35 months of outstanding pensions, ₦9.48 billion as the first 50 percent payment of Back End Computation arrears for 3,959 PHCN pensioners, and ₦5.09 billion for the balance of pension increment arrears owed to 11,180 retirees from Assurance Bank, NICON, NITEL, and People’s Bank.
PTAD described the settlement as a significant step in the Federal Government’s efforts to improve the welfare of retirees and strengthen confidence in the country’s pension system.
The Executive Secretary of PTAD, Tolulope Odunaiya, commended President Tinubu for prioritising pension reforms, saying the payments demonstrate the administration’s commitment to protecting the welfare and dignity of pensioners.
She noted that the settlement has resolved years of inherited pension liabilities and restored confidence in the Defined Benefit Scheme.
Odunaiya disclosed that the payments followed presidential approval granted in August 2025, with funds subsequently provided in the 2026 Appropriation Act.
She also thanked affected pensioners for their patience, reaffirming PTAD’s commitment to transparent, efficient, and pensioner-focused service delivery.
The payment marks another milestone in the Federal Government’s ongoing efforts to settle inherited pension obligations and strengthen pension administration across the country.
