The Nigerian Federal Government has disbursed ₦39.63 billion to 24,814 retirees under the Defined Benefit Scheme. This initiative, directed by Minister of Finance Taiwo Oyedele, aims to address long-standing financial obligations and improve the standard of living for former public servants.
Executed by the Pension Transitional Arrangement Directorate (PTAD), the distribution includes specific settlements for various defunct agencies. NITEL/MTEL pensioners received ₦25.05 billion for 35 months of arrears, while PHCN retirees were paid ₦9.48 billion representing half of their Back-End Computation debts. Furthermore, ₦5.09 billion was issued to cover the remaining balance of pension increments for former employees of Assurance Bank, NICON Insurance, NITEL, and People’s Bank of Nigeria.
Minister Oyedele emphasized that these payments acknowledge the years of service provided by these individuals, noting that the government prioritizes both fiscal accountability and the personal welfare of retirees. PTAD Director-General, Tolulope Odunaiya, credited the successful operation to the Minister’s leadership and the agency’s commitment to efficient pension management. This action aligns with President Bola Tinubu’s broader agenda to ensure public institutions effectively serve the needs of the Nigerian populace.
