The Federal Government has paid ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners, even as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, reaffirms his commitment to improving the welfare of Nigerian pensioners.
The Federal Ministry of Finance, in a statement Friday, said
the payments have ended many years of anxious waiting for thousands of
retirees.
Working under the supervision of the Federal Ministry of
Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out
the payments following the Minister’s directive to prioritise the settlement of
verified pension liabilities, bringing relief to beneficiaries across the
country.
Mr Oyedele said the payment reflected the administration’s
determination to ensure that retired public servants receive 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,” Efe Ovuakporie, Head of Information and Public Relations at
the Ministry, quoted Oyedele as saying.
The Minister explained that the disbursement covered three
categories of outstanding pension obligations that had accumulated over the
years.
According to him, PTAD paid ₦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.
The Directorate also 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 payments mark the end of
years of uncertainty. They provide the means to meet pressing family needs, pay
medical bills, support loved ones, and enjoy retirement with greater peace of
mind.
Oyedele said the government remains mindful of the real
lives behind every pension payment.
The Minister said: “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 commended the management and staff of PTAD for the prompt
implementation of the directive, describing the successful disbursement as
evidence of what can be achieved when institutions work together in the public
interest.
“PTAD has demonstrated professionalism in implementing this
exercise. The Ministry will continue to provide the policy direction and
support required to strengthen pension administration and ensure that verified
obligations are settled as resources become available,” Oyedele said.
The Director-General of PTAD, Mrs. Tolulope Odunaiya, said
the Directorate remained focused on delivering efficient pension administration
and expressed appreciation to the Honourable 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 the
administration of President Bola Tinubu.
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