The Federal Government has successfully settled over N39.6 billion in longstanding pension liabilities under the Defined Benefit Scheme, DBS.
The Executive Secretary of the Pension Transitional Arrangement Directorate, PTAD, Mrs. Tolulope Odunaiya, made the disclosure when she paid a visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
Odunaiya’s briefing during the visit highlighted the clearance of inherited pension obligations that had remained outstanding for years.
According to a statement issued by the Head of Information and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, the PTAD Executive Secretary informed the minister that the payments comprised ₦25.05 billion, representing the outstanding 35‑month retirement liability owed to 9,675 eligible retirees of the defunct NITEL/MTEL.
The payments also included ₦9.48 billion, representing the initial 50 percent payment of the Back End Computation, BEC, arrears to 3,959 eligible PHCN pensioners.
Others are ₦5.09 billion, representing the balance 50 percent payment of the 10.66 percent and 12.95 percent retirement benefit increment arrears due to 11,180 eligible retirees of the defunct Assurance Bank, NICON, NITEL, and People’s Bank of Nigeria.
Also Read: FG releases N3.9bn pension arrears to retirees
She explained that the settlement followed presidential approval granted in August 2025, with the required funding subsequently provided under the 2026 Appropriation Act.
According to her, the exercise has now brought to a close all inherited pension liabilities under the Defined Benefit Scheme, providing long-awaited relief to thousands of pensioners.
Commending PTAD for the successful execution of the exercise, the minister said the settlement underscored the Federal Government’s resolve to address longstanding obligations through prudent fiscal management and responsible governance.
“For many pensioners, this is more than the settlement of outstanding arrears; it is the restoration of confidence and dignity. The Ministry of Finance will continue to support measures that strengthen public financial management while ensuring that government obligations are met in a sustainable and timely manner,” Oyedele said.
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