Tinubu Govt Pays Outstanding Pension For Ex-NITEL/MTEL Workers, Others

The administration of President Bola Tinubu has paid the sum of ₦39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners.

The payment of the inherited pension liabilities was confirmed in a statement on Friday by the Federal Ministry of Finance.

Naija News reports that the payment covers outstanding liabilities owed to pensioners of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance and the defunct People’s Bank of Nigeria.

Speaking on the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said it is a reaffirmation of the federal government’s commitment to improving the welfare of Nigerian pensioners.

The payments were carried out by the Pension Transitional Arrangement Directorate (PTAD), under the supervision of the Federal Ministry of Finance, following the Minister’s directive to prioritise the settlement of verified pension liabilities.

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,” Head of Information and Public Relations at the Ministry, Efe Ovuakporie, 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.

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 Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.