FG Releases ₦39. 63bn Pension Payment to Retirees - InsideBusiness - Business News in Nigeria
TheFederal Government of Nigeriahas released₦39. 63 billionto settle pension payments for thousands of retirees under theDefined Benefit Scheme (DBS), offering long-awaited financial relief across the country. . . .
TheFederal Government of Nigeriahas released₦39. 63 billionto settle pension payments for thousands of retirees under theDefined Benefit Scheme (DBS), offering long-awaited financial relief across the country. Thepension payment in Nigeriacovers more than 24,000 eligible pensioners. The announcement came on Friday from theFederal Ministry of Finance, which confirmed that the funds were paid through thePension Transitional Arrangement Directorate (PTAD)under the supervision of Finance MinisterTaiwo Oyedele. The payments were made following a directive to prioritise verified pension debts and improve pensioners’ welfare nationwide. The government said the exercise has helped end years of uncertainty for many retirees. It also reflects efforts to strengthenpension administration in Nigeriawhile ensuring accountability in public spending. According to the ministry, PTAD disbursed₦25. 05 billionto settle outstanding 35-month liabilities owed to 9,675 pensioners of the defunctNITEL/MTEL. It also released₦9. 48 billion, representing 50 per cent of Back-End Computation arrears for 3,959 pensioners of the formerPower Holding Company of Nigeria (PHCN). In addition,₦5. 09 billionwas paid as the remaining 50 per cent of pension increment arrears owed to 11,180 retirees from institutions such asAssurance Bank,NICON Insurance,NITEL, and thePeople’s Bank of Nigeria. TheFederal Government pension paymenthas been described as a major relief for beneficiaries, many of whom now have support for medical care, household needs, and daily living costs after years of delay. Officials said the payments reflect a commitment to honour public service and improveretiree welfare in Nigeria. MinisterTaiwo Oyedelestressed that every payment represents a life impacted, adding that the government will continue balancing social responsibility with fiscal discipline. He praised PTAD for efficient implementation, while reaffirming ongoing reforms inpension reform Nigeriaaimed at strengthening the system. PTAD Director-GeneralTolulope Odunaiyaalso commended the initiative, noting that the Directorate remains focused on efficient service delivery to pensioners. The development marks another step in ongoing efforts to improve retirement benefits under the administration of PresidentBola Tinubu. What further reforms could best secure timely pension payments for Nigerian retirees?Post Views:110