BY CHIKA OKEKE, Abuja
L:R: Director General of Pension Transitional Arrangement Directorate ,PTAD, Mrs Tolulope Odunaiya in a warm handshake with the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele at the Ministry's Headquarters in Abuja.
Committed to implementing the Renewed Hope Agenda, the Federal Government has cleared ₦39.63 billion outstanding arrears for 24,814 eligible pensioners under the Defined Benefit Scheme, DBS, ending years of endless lamentations from the beneficiaries.
The Pension Transitional Arrangement Directorate, PTAD, carried out the payments following the directive of Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele to prioritise the settlement of verified pension liabilities.
While reaffirming his commitment to improving the welfare of pensioners, Oyedele said that the payment reflected the administration's determination to ensure that retired public servants received the benefits they earned through decades of dedicated service.
He said: "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."
The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.
According to him, PTAD paid ₦25,053,703,604.12 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 ₦9,481,886,576.53, 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 ₦5,094,784,054.27, 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 Defined Benefit Scheme pensioners of the defunct Assurance Bank, NICON Insurance, NITEL and People's Bank of Nigeria.
“For many of the beneficiaries, the payments mark the end of years of uncertainty. They provide the means to meet pressing family needs, pay medical bills, support loved ones and enjoy retirement with greater peace of mind,” he said.
Oyedele stated that the government remains mindful of the real lives behind every pension payment.
"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 added.
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.
Oyedele said: "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."
Director-General of PTAD, Mrs. Tolulope Odunaiya said that the Directorate remained focused on delivering efficient pension administration, appreciating the Minister for his leadership and support, which made the release and prompt disbursement of the funds possible.
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.
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