President Bola Tinubu. Photo: State House
The Federal Government has announced the payment of more than N39 billion in inherited pension liabilities owed to thousands of pensioners under the Defined Benefit Scheme, saying the settlement fulfils President Bola Tinubu’s commitment to clearing longstanding pension debts.
The payment, announced on Friday by the Pension Transitional Arrangement Directorate, covers outstanding liabilities owed to pensioners of the defunct Nigerian Telecommunications Limited, Mobile Telecommunications Limited, Power Holding Company of Nigeria, Assurance Bank, NICON and the defunct People’s Bank of Nigeria.
According to PTAD, the payments include N25.05 billion representing a 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL, N9.48 billion representing the initial 50 per cent payment of Back End Computation arrears to 3,959 eligible PHCN pensioners, and N5.09 billion covering the balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of Assurance Bank, NICON, NITEL and People’s Bank.
The directorate described the development as a major milestone in the Federal Government’s efforts to improve the welfare of pensioners under the Renewed Hope Agenda.
