TINUBU SETTLES INHERITED PENSION LIABILITIES

The Federal Government has fully settled more than N39 billion in inherited pension liabilities owed to thousands of Defined Benefit Scheme (DBS) pensioners of defunct federal government agencies, marking a major milestone under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Key Highlights:

• Federal Government clears over N39 billion in inherited pension liabilities.
• 9,675 NITEL/MTEL pensioners receive payment of 35-month pension arrears.
• 3,959 PHCN pensioners receive initial 50% Back End Computation (BEC) arrears.
• 11,180 pensioners from Assurance Bank, NICON, NITEL and People’s Bank receive pension increment arrears.
• PTAD says all inherited DBS pension liabilities have now been resolved.

The payments were made through the Pension Transitional Arrangement Directorate (PTAD) as part of the Federal Government’s commitment to clearing outstanding pension obligations inherited from previous administrations.

According to PTAD, the payments include:

N25.05 billion representing the outstanding 35-month pension arrears owed to 9,675 eligible Defined Benefit Scheme (DBS) pensioners of the defunct NITEL/MTEL.

N9.48 billion representing the initial 50 per cent payment of the Back End Computation (BEC) arrears owed to 3,959 eligible PHCN DBS pensioners.

N5.09 billion 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 DBS pensioners of the defunct Assurance Bank, NICON, NITEL, and People’s Bank of Nigeria.

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PTAD described the settlement as a significant achievement in the Federal Government’s ongoing pension reform programme and a demonstration of President Tinubu’s commitment to improving the welfare of retired public servants.

Speaking on the development, the Executive Secretary of PTAD, Tolulope Odunaiya, commended President Tinubu for providing the leadership and support that made the payments possible.

She stated that the successful settlement has restored confidence in the administration of the Defined Benefit Scheme and brought lasting relief to thousands of pensioners who had waited years to receive their entitlements.

According to Odunaiya, the payments were made following presidential approval granted in August 2025, while the necessary funding was subsequently provided under the 2026 Appropriation Act.

She explained that the liquidation of the inherited liabilities reflects the Federal Government’s determination to sustain pension reforms and ensure that retirees receive their lawful benefits without unnecessary delays.

Odunaiya also disclosed that, with the latest payments, PTAD has successfully resolved all outstanding inherited pension liabilities under the Defined Benefit Scheme.

The Directorate expressed appreciation to affected pensioners for their patience and confidence throughout the period the liabilities remained outstanding.

PTAD reaffirmed its commitment to transparent, efficient and pensioner-focused service delivery while pledging to continue safeguarding the welfare and dignity of retired public servants across the country.