The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed his commitment to improving the welfare of Nigerian pensioners with the disbursement of ₦39.63 billion to 24,814 eligible defined benefit scheme pensioners, ending years of anxious waiting for thousands of retirees.
Working under the supervision of the Federal Ministry of Finance, the Pension Transitional Arrangement Directorate (PTAD) carried out the payments following the minister’s directive to prioritise the settlement of verified pension liabilities, bringing relief to beneficiaries across the country.
Mr. Oyedele said the payment reflects the Tinubu administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.
“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.
Read Also:
- ICPC, PTAD set to sign agreement to combat pension fraud in Nigeria
- Pensioners laud PTAD exemplary service, calls for sustenance
- FG begins payment of N32,000 pension rate to retirees
The minister explained that the disbursement covers 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 percent payment of the back end computation arrears due to 3,959 eligible PHCN defined benefit scheme pensioners.
In addition, PTAD paid ₦5,094,784,054.27, representing the outstanding 50 percent balance of the 10.66 percent and 12.95 percent 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.
Mr. Oyedele said government remains mindful of the real lives behind every pension payment, adding that “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.”
The ninister 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.
“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 the directorate remains focused on delivering efficient pension administration and expressed appreciation to 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.
