The Federal Government has paid over N39 billion in long-outstanding pension liabilities to thousands of retirees under the Defined Benefit Scheme (DBS), fulfilling President Bola Tinubu’s pledge to clear inherited pension debts.
The Pension Transitional Arrangement Directorate (PTAD) announced the payments on Friday. They cover retirees from the defunct Nigerian Telecommunications Limited (NITEL) and its Mobile Telecommunications Limited (MTEL) arm, the Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the defunct People’s Bank of Nigeria.
Breakdown of the payments includes:
N25.05 billion — 35 months of pension arrears for 9,675 eligible NITEL/MTEL pensioners.
N9.48 billion — Initial 50% payment of Back End Computation arrears to 3,959 eligible PHCN pensioners.
N5.09 billion — Balance of 10.66% and 12.95% pension increment arrears for 11,180 eligible pensioners from Assurance Bank, NICON, NITEL, and People’s Bank.
PTAD described the settlement as a major milestone under the Renewed Hope Agenda, aimed at improving pensioners’ welfare. Executive Secretary Tolulope Odunaiya thanked President Tinubu for his support and highlighted how the intervention has restored confidence in the Defined Benefit Scheme by resolving years of inherited liabilities.
“The successful liquidation of these liabilities underscores the Federal Government’s resolve to sustain pension reforms and ensure that Defined Benefit Scheme pensioners receive their rightful entitlements in a timely manner,” Odunaiya said. She added that the payments followed presidential approval in August 2025, with funds provided through the 2026 Appropriation Act.
Odunaiya also commended the affected pensioners for their patience and reaffirmed PTAD’s commitment to efficient, transparent, and pensioner-focused service delivery.
This latest settlement forms part of broader government efforts to address inherited pension obligations and strengthen the pension administration system.
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