The federal government has cleared N39.6 billion in outstanding pension arrears, settling longstanding liabilities owed to more than 24,000 retirees under the Defined Benefit Scheme (DBS).
The payment, announced on Friday, covers pension obligations inherited from defunct public enterprises and financial institutions, bringing relief to thousands of pensioners who had waited years for their entitlements.
The development was disclosed during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, according to a statement issued by the ministry’s Head of Information and Public Relations, Efe Ovuakporie.
Mrs Odunaiya said N25.05 billion was used to settle 35 months of pension arrears owed to 9,675 eligible pensioners of the defunct Nigerian Telecommunications Limited (NITEL) and its mobile subsidiary, MTEL.
She added that N9.48 billion was paid as the first 50 per cent instalment of Back-End Computation arrears due to 3,959 eligible pensioners of the defunct Power Holding Company of Nigeria (PHCN).
