The Federal Government has paid ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reaffirms his commitment to improving the welfare of Nigerian pensioners.
The Federal Ministry of Finance, in a statement Friday, said the payments have ended many years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr Oyedele said the payment reflected the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated 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,” Efe Ovuakporie, Head of Information and Public Relations at the Ministry, quoted Oyedele as saying.
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 to clear the outstanding 35-month pension liability owed 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 ₦5,094,784,054.27, 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 Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones, and enjoy retirement with greater peace of mind.
Oyedele said the government remains mindful of the real lives behind every pension payment.
The Minister said: “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.”
