TINUBU CLEARS OVER N39BN INHERITED PENSION LIABILITIES FOR DBS PENSIONERS

The Federal Government has cleared over N39.6 billion in long-standing pension liabilities owed to thousands of retirees under the Defined Benefit Scheme (DBS), fulfilling a key commitment under President Bola Ahmed Tinubu's Renewed Hope Agenda.

The Pension Transitional Arrangement Directorate (PTAD) disclosed that the payments cover outstanding pension obligations to retirees of the defunct NITEL/MTEL, PHCN, Assurance Bank, NICON and People's Bank of Nigeria.

According to PTAD, the largest component of the payment is N25.05 billion, representing 35 months of outstanding pension liabilities owed to 9,675 eligible pensioners of the defunct NITEL/MTEL.

The Directorate also paid N9.48 billion, representing the initial 50 per cent payment of Back End Computation (BEC) arrears to 3,959 eligible PHCN pensioners.

In addition, N5.09 billion was paid as the balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of the defunct Assurance Bank, NICON, NITEL and People's Bank of Nigeria.

PTAD described the payments as a major milestone in the Federal Government's commitment to improving the welfare of pensioners and addressing inherited pension liabilities.

Executive Secretary of PTAD, Tolulope Odunaiya, said the successful settlement of the outstanding liabilities reflects President Tinubu's commitment to strengthening pension administration and restoring confidence in the Defined Benefit Scheme.

She explained that the payments followed presidential approval granted in August 2025, while the required funds were appropriated in the 2026 Appropriation Act.

According to her, the liquidation of the inherited liabilities demonstrates the Federal Government's resolve to sustain pension reforms and ensure that retirees receive their lawful entitlements promptly.

Odunaiya expressed appreciation to affected pensioners for their patience and confidence while the liabilities remained outstanding, assuring them that PTAD would continue to prioritise efficient, transparent and pensioner-centred service delivery.