The Pension Transitional Arrangement Directorate (PTAD) has successfully settled the following long-standing pension liabilities amounting to over N39 billion, in fulfilment of President Bola Tinubu Renewed Hope Agenda and his commitment to liquidating outstanding pension obligations.
According to a statement by the Directorate’s Head of Corporate Communications, Olugbenga Ajayi, the payment comprise N25,053,703,604.12, representing the outstanding 35-month pension liability owed to eligible 9,675 Defined Benefit Scheme (DBS) Pensioners of the defunct NITEL/MTEL; N9,481,886,576.53 representing the initial 50% payment of the Back End Computation (BEC) arrears to 3,959 eligible PHCN DBS Pensioners; and N5,094,784,054.27 representing the 50% balance payment of the 10.66% and 12.95% pension increment arrears due to 11,180 eligible DBS Pensioners of defunct Assurance Bank, NICON, NITEL and People’s Bank of Nigeria.
PTAD described the settlement as a significant milestone in the Federal Government’s unwavering commitment to safeguarding the welfare and dignity of DBS Pensioners. It is a clear demonstration of the visionary leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, whose Renewed Hope Agenda places priority on social protection, inclusive governance, and the well-being of senior citizens.
Speaking on the development, the Executive Secretary, PTAD, Tolulope Odunaiya, expressed the Directorate’s profound appreciation to His Excellency, President Bola Ahmed Tinubu, GCFR, for his steadfast support and visionary leadership, which have continued to strengthen DBS pension administration and restore confidence in the Defined Benefit Pension Scheme.
She noted that, under the President’s leadership, the Directorate has successfully resolved all longstanding inherited pension liabilities, bringing lasting relief to thousands of DBS Pensioners.
The Executive Secretary disclosed that the settlements were made possible following the Presidential approval granted to the Directorate in August 2025, with the required funding subsequently appropriated under the 2026 Appropriation Act.
According to her, the successful liquidation of these liabilities underscores the Federal Government’s resolve to sustain pension reforms and ensure that DBS Pensioners receive their rightful entitlements in a timely manner, consistent with the objectives of the Renewed Hope Agenda.
The Directorate appreciated affected DBS Pensioners for their patience and confidence throughout the period the liabilities remained outstanding, and reaffirmed commitment to sustaining efficient, transparent, and Pensioner-centred service delivery.
