By Oviri Kelvin
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has stated that the Federal Government is committed to the purpose of effecting the payment of outstanding arrears and pensions of ex-workers of defunct agencies.
In Zainab’s statement, she noted that today’s exercise brings an end to the payment of the inherited unfunded liabilities to pensioners of defunct agencies in Nigeria, organized by the Pension Transitional Arrangement Directorate (PTAD) in Abuja.
According to the News Agency of Nigeria, NAN, the Minister said, “I am happy to oversee the completion of the payment of the outstanding liabilities due to ex-workers of two defunct agencies namely- Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited.
“Ex-workers of another three defunct agencies will receive a significant portion of the outstanding liabilities due to them and they are NICO Insurance Corporation, Delta Steel Company Limited, and NITEL/MTEL,” Ahmed said.
“Some measures of success have been made in the recovery effort and the amount repatriated from Crown Agents of the United Kingdom has been the most substantial to date.”
Zainab noted that the funds from the recovered pension assets held by insurance underwriters and other local and international investment agencies are being used to settle the liabilities.
In her speech, the Minister commended both President Muhammadu Buhari for his consistent support for the wellbeing of the Nigerian citizens and the PTAD for achieving this feat, noting that they need to remain focused in their recovery efforts.
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Also, Dr. Chioma Ejikeme, the executive secretary of the directorate, PTAD, stated that 126 inherited months for Nigeria Reinsurance Corporation and 219 inherited months for New Nigeria Newspapers Limited have been completely liquidated respectively.
“We will also settle a significant portion of the outstanding liabilities due to ex-workers of another three defunct agencies, NICO Insurance Corporation, Delta Steel Company Limited, and NITEL/MTEL.
“PTAD has paid off the outstanding balance of the pension entitlements due to ex-workers of Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminium Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank,” she said.
Assuring the three other defunct agencies, Ejikeme added that the directorate is fully committed to the course of liquidating all outstanding arrears due to them after these payments.
Commending President Buhari, Minister of Finance, Budget and National Planning, Committees of Senate and House of Representatives on Pension and Oversight Committees, the Executive Secretary appreciated their commitments and efforts in making this exercise successful. Chairman Senate Committee on Establishment and Public Service, Sen. Ibrahim Shekarau, urged the pensioners to relax as all benefits due to them would be settled.
The Chairman, House of Representatives Committee on Pension, Hon. Kabiru Rurum, promised to always support the directorate and urged them to continue with the good work.
According to NAN, there were wide jubilations at the venue of the event as large numbers of the beneficiaries shouted to the high heavens on receiving alerts from their bank accounts confirming the payments.
Furthermore, the President-General of Federal Parastatals and Private Sector Pensioners’ Association of Nigeria (FEPPPAN), Chief Temple Ubani, while acknowledging the payments, commended Buhari “We have been struggling for this payment for over three decades. I am very happy we have received it right in the hall.”
Ubanj, commended the president and other stakeholders for their support.
