The Federal Government has paid ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reiterated the administration’s commitment to improving retirees’ welfare.
In a statement issued on Friday, the Federal Ministry of Finance said the payments have brought relief to thousands of pensioners after years of uncertainty and delays.
The Pension Transitional Arrangement Directorate (PTAD), under the supervision of the Ministry, carried out the disbursement following the Minister’s directive to prioritise verified pension liabilities nationwide.
Oyedele said the move underscored the government’s resolve to ensure retired public servants receive the benefits earned through years of 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 the Minister as saying.
The Minister noted that the funds covered three major categories of outstanding pension obligations accumulated over the years.
According to him, PTAD paid ₦25.05 billion to settle a 35-month pension backlog owed to 9,675 eligible DBS pensioners of the defunct NITEL/MTEL.
The Directorate also released ₦9.48 billion as the first 50 per cent payment of Back-End Computation (BEC) arrears to 3,959 eligible PHCN DBS 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 due to 11,180 eligible pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
For many beneficiaries, the payments end years of waiting and provide much-needed support for healthcare, family responsibilities and a more secure retirement.
Oyedele stressed that the government remains conscious of the people behind every pension obligation.
“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 praised PTAD management and staff for swiftly implementing the directive, saying the exercise demonstrated the value of effective institutional collaboration.
“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,” Oyedele said.
PTAD Director-General, Mrs Tolulope Odunaiya, reaffirmed the Directorate’s commitment to efficient pension administration and thanked the Minister for facilitating the release and prompt disbursement of the funds.
The latest payout marks another milestone in the Federal Government’s efforts to enhance retirees’ welfare and strengthen public service delivery under the administration of President Bola Tinubu.
