The Federal Government has paid more than ₦39 billion in outstanding pension liabilities under the Defined Benefit Scheme, settling long-standing arrears owed to thousands of retired workers from several defunct government-owned institutions.
The payment covers pension obligations owed to eligible retirees of the defunct Nigerian Telecommunications Limited (NITEL), Mobile Telecommunications Limited (MTEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON and the defunct People’s Bank of Nigeria.
As part of the disbursement, the government paid ₦25.05 billion to clear 35 months of outstanding pension liabilities owed to 9,675 eligible pensioners of NITEL and MTEL.
An additional ₦9.48 billion was released as the first 50 percent payment of Back End Computation arrears for 3,959 eligible pensioners of PHCN.
The government also disbursed ₦5.09 billion to settle the outstanding balance of the 10.66 percent and 12.95 percent pension increment arrears owed to 11,180 eligible pensioners of Assurance Bank, NICON, NITEL and the defunct People’s Bank of Nigeria.
The payments are part of ongoing efforts to clear inherited pension obligations and improve the welfare of retirees under the Defined Benefit Scheme.
