FG disburses ₦39.63bn to 24,814 DBS pensioners
The federal government has disbursed ₦39.63 billion to 24,814 eligible pensioners under the Defined Benefit Scheme (DBS), clearing several outstanding pension liabilities through the Pension Transitional Arrangement Directorate (PTAD).
The payment, approved by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, covers outstanding pension obligations owed to retirees of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON Insurance and People’s Bank of Nigeria.
A statement issued on Thursday by PTAD’s Head of Information and Public Relations Unit, Efe Ovuakporie, said the disbursement was carried out under the supervision of the Federal Ministry of Finance following the minister’s directive to prioritise the settlement of verified pension liabilities.
Speaking on the payment, Oyedele said the exercise underscored the Federal Government’s commitment to improving the welfare of retired public servants.
“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.
According to the statement, PTAD paid ₦25.05 billion to clear a 35-month pension liability owed to 9,675 eligible DBS pensioners of the defunct NITEL and MTEL.
It added that ₦9.48 billion was disbursed as the initial 50 per cent payment of Back End Computation (BEC) arrears due to 3,959 eligible PHCN pensioners under the scheme.
The Directorate also paid ₦5.09 billion, representing the outstanding 50 per cent balance of the 10.66 per cent and 12.95 per cent pension increment arrears owed to 11,180 eligible pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People’s Bank of Nigeria.
