Finance Ministry Disburses ₦39.63bn to 24,814 Pensioners, Clears Long-Standing DBS Arrears to NITEL/ MTEL, Others
Oru Leonard
The Federal Government has disbursed ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, clearing long-standing pension liabilities and providing relief to thousands of retirees across the country.
The payment, implemented by the Pension Transitional Arrangement Directorate (PTAD) 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 settlement of verified pension obligations.
Speaking on the development, Oyedele said the disbursement underscores the government’s commitment to improving the welfare of retired public servants by ensuring they receive the benefits earned through years of service.
He described the payment as a demonstration of the administration’s resolve to restore confidence in the pension system, reward sacrifice, and reassure pensioners that their contributions to national development have not been forgotten.
According to the Minister, PTAD paid ₦25.05 billion to settle the outstanding 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.
The Directorate also disbursed ₦9.48 billion, representing the first 50 per cent payment of the Back End Computation (BEC) arrears due to 3,959 eligible PHCN Defined Benefit Scheme 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 for 11,180 eligible pensioners of the defunct Assurance Bank, NICON Insurance, NITEL, and People’s Bank of Nigeria.
Oyedele noted that the payments would help beneficiaries meet critical family responsibilities, medical expenses, and other financial obligations while enjoying a more secure retirement.
He reaffirmed the government’s commitment to supporting policies that improve the welfare of senior citizens while maintaining fiscal discipline and accountability.
The Minister also commended PTAD’s management and staff for the prompt execution of the directive, describing the successful disbursement as evidence of effective institutional collaboration in the public interest.
Director-General of PTAD, Mrs. Tolulope Odunaiya, expressed appreciation to the Minister for his leadership and support, stating that the Directorate remains committed to efficient pension administration and timely settlement of verified pension liabilities.
The latest disbursement forms part of the Federal Government’s broader efforts to strengthen pension administration and improve the welfare of retirees under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Cover Photo Caption, L-R: Director General of PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance, Mr Taiwo Oyedele.
