The administration of President Bola Ahmed Tinubu has disbursed ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, clearing long-standing pension liabilities inherited from previous administrations.
The Federal Ministry of Finance confirmed the payment in a statement issued on Friday, describing it as part of the Federal Government's commitment to improving the welfare of retired public servants.
According to the ministry, the beneficiaries include pensioners of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance, and the defunct People's Bank of Nigeria.
Oyedele: Pensioners Deserve To Be Honoured
Speaking on the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the payment reflects the Tinubu administration's resolve to ensure that retired public servants receive the benefits they earned after years of dedicated service.
The payments were processed by the Pension Transitional Arrangement Directorate (PTAD) under the supervision of the Federal Ministry of Finance following the minister's directive to prioritise verified pension liabilities.
According to Oyedele, the initiative goes beyond financial disbursement and represents the government's commitment to restoring confidence among pensioners.
"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 minister said in a statement issued by the ministry's Head of Information and Public Relations, Efe Ovuakporie.
Breakdown Of The ₦39.63 Billion Payment
The Minister disclosed that the disbursement covered three categories of outstanding pension obligations accumulated over several years.
According to him:
- ₦25.05 billion was paid to clear the outstanding 35-month pension arrears owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.
- ₦9.48 billion was released as the first 50 per cent payment of the Back-End Computation (BEC) arrears for 3,959 eligible PHCN pensioners.
- ₦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 due to 11,180 eligible pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People's Bank of Nigeria.
"Every Payment Represents A Family" – Oyedele
Oyedele stressed that every pension payment represents the fulfilment of a promise to Nigerians who devoted years of service to the country.
"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," he said.
He added that the Federal Government would continue to implement policies aimed at improving the welfare of senior citizens while maintaining fiscal discipline and accountability.
The minister also commended the management and staff of PTAD for the prompt implementation of the payment directive.
"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 stated.
Meanwhile, the Director-General of PTAD, Mrs. Tolulope Odunaiya, reaffirmed the agency's commitment to efficient pension administration and thanked the Minister of Finance for his leadership and support, which facilitated the release and prompt disbursement of the funds.