The Federal Government has announced the payment of more than N39 billion in inherited pension liabilities owed to retirees under the Defined Benefit Scheme, describing the move as part of efforts to clear long-standing pension debts.
The payment was disclosed by the Pension Transitional Arrangement Directorate (PTAD) on Friday and covers pensioners from several defunct institutions, including NITEL/MTEL, PHCN, Assurance Bank, NICON, and the People’s Bank of Nigeria.
According to PTAD, the funds include over N25 billion for NITEL/MTEL pensioners, about N9.48 billion as part-payment for PHCN retirees, and N5.09 billion covering various pension increment arrears across multiple agencies.
The agency said the intervention reflects the Federal Government’s commitment under the Renewed Hope Agenda to improve the welfare of pensioners and restore confidence in the pension system by settling inherited obligations.
