PTAD clears outstanding liability owed to NITEL, PHCN, other pensioners

…Oyedele approves disbursement of N39.6bn to 24,814 pensioners

Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, has approved the disbursement of N39.63 billion to 24,814 eligible Defined Benefit Scheme (DBS) pensioners.

The Pension Transitional Arrangement Directorate (PTAD) carried out the payments with the supervision of the Federal Ministry of Finance, following the Minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.

According to Oyedele, 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”, he said.

The minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.

According to him, PTAD paid N25,053,703,604.12 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 N9,481,886,576.53, 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 N5,094,784,054.27, representing the outstanding 50% balance of the 10.66% and 12.95% 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.

“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 said.

The minister 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,” he added.

Earlier, Tolulope Odunaiya, Director-General of PTAD, said the Directorate remains focused on delivering efficient pension administration and commended  the Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.

For her, 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 President Bola Ahmed Tinubu’s Renewed Hope Agenda.