By Bassey Udo
About 24,814 eligible pensioners under the Defined Benefit Scheme (DBS) have been given a new lease of life as their outstanding ₦39.63 billion benefits have been cleared.
The Pension Transitional Arrangement Directorate (PTAD), which works under the supervision of the Federal Ministry of Finance, cleared the outstanding benefits on the directive of the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
The Minister said the directive to PTAD to immediately clear the outstanding benefits due to pensioners was part of his commitment to improve the welfare of Nigerian pensioners given end of year anxiety thousands of retirees have been experiencing.
The Minister was briefed on the payment when the Director-General of PTAD, Mrs. Tolulope Odunaiya, visited him in his office in Abuja.
The PTAD DG said the pension agency, which is working under the supervision of the Federal Ministry of Finance, carried out the payments following the Minister’s directive for it to prioritise the settlement of verified pension liabilities, to bring relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the administration’s determination to ensure that retired public servants received 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,” a statement by the spokesperson of the Federal Ministry of Finance, Efe Ovuakporie, quoted the Minister as saying.
Ovuakporie said the Minister explained that the disbursement covered three categories of outstanding pension obligations that accumulated over the years.
He said PTAD was able to pay about ₦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.
Also, the Minister said the Directorate 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 Minister said the payments marked the end of years of uncertainty, which plaque the retired workers, providing the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment.
“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 the prompt implementation of the directive, describing the successful disbursement as evidence of what could be achieved when institutions work together in the public interest.
“PTAD has demonstrated professionalism in implementing this directive to complete this exercise. The Ministry will continue to provide the policy direction and support the required to strengthen pension administration and ensure that verified obligations are settled as resources become available,” the Minister said
The Director-General of PTAD, Mrs. Tolulope Odunaiya, who said the Directorate remained focused on delivering efficient pension administration, expressed appreciation to the Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
The latest payment represents another important step in the Federal Government’s efforts to improve the welfare of retirees and ensure that public institutions deliver meaningful outcomes for Nigerians under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Picture Caption
L:R: Director General of PTAD, Mrs Tolulope Odunaiya, with the Minister of Finance, Mr Taiwo Oyedele in Abuja on Thursday
