Ndubuisi Francis in Abuja
The Federal Government has successfully settled over N39.6 billion in longstanding pension liabilities under the Defined Benefit Scheme (DBS).
The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Mrs. Tolulope Odunaiya, made the disclosure when she paid a visit to thè Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
Odunaiya’s briefing during the visit highlighted the clearance of inherited pension obligations that had remained outstanding for years.
According to a statement issued by the Head, Information and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, the PTAD Executive Secretary told the minister that the payments comprised N25.05 billion representing the outstanding 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL; and N9.48 billion representing the initial 50 per cent payment of the Back End Computation (BEC) arrears to 3,959 eligible PHCN pensioners.
Others are N5.09 billion representing the balance 50 per cent payment 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, NITEL and People’s Bank of Nigeria.
She explained that the settlement followed presidential approval granted in August 2025, with the required funding subsequently provided under the 2026 Appropriation Act.
According to her, the exercise has now brought to a close all inherited pension liabilities under the Defined Benefit Scheme, providing long-awaited relief to thousands of pensioners.
Commending PTAD for the successful execution of the exercise, the minister said the settlement underscored the Federal Government’s resolve to address longstanding obligations through prudent fiscal management and responsible governance.
“For many pensioners, this is more than the settlement of outstanding arrears; it is the restoration of confidence and dignity. The Ministry of Finance will continue to support measures that strengthen public financial management while ensuring that government obligations are met in a sustainable and timely manner,” Oyedele said.