Massive Relief for NITEL/MTEL Retirees, PHCN, Others as FG Pays 35-Month ₦39.63bln Pension Arrears

By Samuel Akpan

In a significant boost for retirees’ welfare, the Federal Government says has released ₦39.63 billion to 24,814 eligible Defined Benefit Scheme pensioners, bringing immediate relief after years of anxious waiting.

The Pension Transitional Arrangement Directorate (PTAD), operating under the Federal Ministry of Finance, executed the payments on the directive of Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele.

This move prioritises clearing verified pension liabilities across the country under the Renewed Hope Agenda of President Bola Tinubu.

Oyedele described the disbursement as a clear demonstration of the administration’s resolve to honour retired public servants who served the nation diligently for decades.

 “A nation that values service must honour those who gave their productive years,” he said in a statement by Efe Ovuakporie, Head of Information and Public Relations in the Ministry.

The Minister emphasised that the payments go beyond figures to restore confidence, reward sacrifice, and reassure pensioners and their families that they have not been forgotten.

According to details released, the funds addressed three categories of long-outstanding obligations –  PTAD paid ₦25.05 billion to settle 35 months of pension arrears for 9,675 eligible pensioners of the defunct NITEL/MTEL.Another ₦9.48 billion was disbursed as the initial 50 percent payment of Back-End Computation arrears to 3,959 eligible PHCN Defined Benefit Scheme pensioners.

Additionally, ₦5.09 billion covered the outstanding 50 percent balance of the 10.66 percent and 12.95 percent pension increment arrears for 11,180 eligible pensioners from the defunct Assurance Bank, NICON Insurance, NITEL, and People’s Bank of Nigeria.

For many beneficiaries, these funds will help meet urgent family needs, settle medical bills, support dependents, and allow greater peace of mind in retirement.

Oyedele stressed that behind every payment lies a faithful retiree, a patient family, and a story deserving a positive conclusion.

The government, he said, remains focused on improving senior citizens’ lives while upholding fiscal discipline.

He commended PTAD management and staff for the swift and professional implementation of the directive, highlighting it as proof of effective collaboration in the public interest.

The Minister assured that the ministry will continue providing policy direction and support to strengthen pension administration and settle verified obligations as resources permit.

PTAD Director-General Mrs. Tolulope Odunaiya expressed gratitude to the Minister for his leadership, which enabled the timely release and disbursement of the funds.