The Federal Government has cleared more than N39.6 billion in long-running pension debts under the Defined Benefit Scheme (DBS).
The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Mrs. Tolulope Odunaiya, revealed this during a visit to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
During the meeting, Odunaiya said PTAD had cleared pension liabilities that had remained unpaid for years.
A statement by the Head of Information and Public Relations at the Federal Ministry of Finance, Efe Ovuakporie, said the payments included N25.05 billion for the outstanding 35-month pension owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.
It also covered N9.48 billion, representing the first 50 per cent payment of the Back End Computation (BEC) arrears for 3,959 eligible PHCN pensioners.
Another N5.09 billion was paid as the remaining 50 per cent of the 10.66 per cent and 12.95 per cent pension increment arrears owed to 11,180 eligible pensioners of the defunct Assurance Bank, NICON, NITEL and People’s Bank of Nigeria.
Odunaiya said the payments followed presidential approval granted in August 2025, while the needed funds were provided under the 2026 Appropriation Act.
She added that the exercise has now cleared all inherited pension liabilities under the Defined Benefit Scheme, bringing long-awaited relief to thousands of pensioners.
Oyedele praised PTAD for completing the exercise, saying it reflected the Federal Government’s commitment to clearing long-standing obligations through careful fiscal management and responsible governance.
“For many pensioners, this is more than the settlement of outstanding arrears; it is the restoration of confidence and dignity. The Ministry of Finance will continue to support measures that strengthen public financial management while ensuring that government obligations are met in a sustainable and timely manner,” Oyedele said.
