The Federal Government has released ₦39.63 billion to 24,814 eligible pensioners under the Defined Benefit Scheme (DBS), bringing long-awaited relief to thousands of retired public servants across the country.
The payment follows renewed efforts by the administration to settle verified pension obligations and improve the welfare of retirees who had endured years of delayed entitlements.
In a statement issued on Friday, the Federal Ministry of Finance disclosed that the Pension Transitional Arrangement Directorate (PTAD), acting under the ministry’s supervision, carried out the disbursement following a directive from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
According to the ministry, the intervention has ended years of uncertainty for many pensioners who had been waiting for the settlement of outstanding benefits.
Oyedele said the payment demonstrates the Federal Government’s commitment to ensuring that retired workers receive the rewards they earned after years of dedicated service to the nation.
“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,” the ministry quoted the minister as saying.
The minister explained that the disbursement covered three categories of pension liabilities that had accumulated over several years.
According to him, PTAD paid ₦25,053,703,604.12 to settle outstanding pension arrears covering 35 months for 9,675 eligible Defined Benefit Scheme pensioners of the defunct NITEL and MTEL.
The directorate also released ₦9,481,886,576.53, representing the first 50 per cent payment of the Back-End Computation (BEC) arrears owed to 3,959 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN).
In addition, ₦5,094,784,054.27 was paid as the outstanding balance of pension increment arrears of 10.66 per cent and 12.95 per cent to 11,180 eligible pensioners from the defunct Assurance Bank, NICON Insurance, NITEL and the People’s Bank of Nigeria.
The ministry noted that the payments would enable many retirees to address pressing financial obligations, including healthcare expenses, family responsibilities and other essential needs after years of waiting.
Oyedele stressed that the administration recognises the human impact behind every pension payment and remains committed to improving the living conditions of retired workers.
“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,” he said.
The minister commended the management and staff of PTAD for ensuring the prompt execution of the directive, describing the exercise as a demonstration of effective collaboration among government institutions.
“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 added.
The Director-General of PTAD, Mrs. Tolulope Odunaiya, reaffirmed the agency’s commitment to efficient pension administration and appreciated the finance minister for providing the leadership and support that facilitated the release and timely distribution of the funds.
The latest payment forms part of the Federal Government’s broader effort to improve pension administration, fulfil outstanding obligations and enhance the welfare of retirees under President Bola Tinubu’s administration.
