Finance minister Taiwo Oyedele has given the go-ahead for N39.63 billion to reach 24,814 pensioners under the Defined Benefit Scheme. The Pension Transitional Arrangement Directorate (PTAD) processed the payments under guidance from the Federal Ministry of Finance, acting on Oyedele's instruction to settle verified pension debts swiftly.
Oyedele said the payment shows the government's commitment to ensuring retired civil servants get what they earned over decades of work. "A nation that values service must also honour those who gave their productive years in its service," he said.
The minister stressed the human side of the numbers. "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 told reporters.
The disbursement settled three separate categories of long-outstanding pension debts. PTAD released N25.05 billion to clear 35 months of unpaid pensions owed to 9,675 former NITEL and MTEL workers under the Defined Benefit Scheme.
The directorate also sent N9.48 billion as the first half of Back End Computation arrears to 3,959 eligible PHCN retirees. This represented 50 per cent of what these pensioners are due.
An additional N5.09 billion went out as the remaining 50 per cent balance of pension increment arrears linked to 10.66 per cent and 12.95 per cent raises owed to 11,180 retirees from defunct Assurance Bank, NICON Insurance, NITEL and People's Bank of Nigeria.
Oyedele emphasised the real stories behind each payment. "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," he said.
"We will continue to support measures that improve the lives of our senior citizens while maintaining fiscal discipline and accountability."
The minister praised PTAD's management and staff for moving quickly on his directive. He described the successful payout as proof of what happens when institutions pull together for the public good.
"PTAD has demonstrated professionalism in implementing this exercise," Oyedele added. "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."
Tolulope Odunaiya, PTAD's director-general, said the directorate remains committed to running pension services efficiently. She thanked Oyedele for the leadership that made the fund release and quick payout possible.
She called the latest payment another milestone in efforts to boost retiree welfare under President Bola Tinubu's Renewed Hope Agenda. "This represents the Federal Government's determination to deliver meaningful outcomes for Nigerians," Odunaiya noted.
