Finance minister receives brief over govt liquidation of over N39.6bn in outstanding pension

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday received the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya, for a briefing on the successful settlement of longstanding pension liabilities under the Defined Benefit Scheme (DBS).

According to information posted on the ministry’s X handle, during the meeting, the Executive Secretary highlighted the Federal Government’s liquidation of over N39.6 billion in outstanding pension obligations, including the settlement of the 35-month pension liability owed to eligible pensioners of the defunct NITEL/MTEL, the initial payment of Back End Computation arrears to eligible PHCN pensioners, and the balance payment of pension increment arrears due to pensioners of the defunct Assurance Bank, NICON, NITEL, and People’s Bank of Nigeria.

The information said the Minister commended PTAD’s commitment to transparent and efficient pension administration, noting that the successful resolution of these inherited liabilities reflects the Federal Government’s unwavering dedication to improving the welfare of pensioners and ensuring that senior citizens receive their rightful entitlements.

“The development represents another significant milestone in the implementation of the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, reinforcing the administration’s commitment to social protection, inclusive governance, and the dignity of retired public servants,” the finance ministry disclosed.