FG settles N39bn pension liabilities for ex-NITEL, PHCN, bank workers

The Federal Government has settled over N39 billion in inherited pension liabilities, a move President Bola Tinubu's administration frames as a fulfillment of promises to clear long-standing pension debts. The Pension Transitional Arrangement Directorate (PTAD) announced the payment, which targets thousands of pensioners from defunct state-owned enterprises.

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These landmark achievements mark yet another significant milestone in the Federal Government’s unwavering commitment to safeguarding the welfare and dignity of Defined Benefit Scheme pensioners. It is a clear demonstration of the visionary leadership of His Excellency, President Bola Ahmed Tinubu, whose Renewed Hope Agenda places priority on social protection, inclusive governance, and the well-being of senior citizens.

The settlement includes significant sums for former workers of Nigerian Telecommunications Limited (NITEL), Power Holding Company of Nigeria (PHCN), Assurance Bank, NICON, and the People's Bank of Nigeria. Specifically, N25.05 billion covers 35 months of pension arrears for 9,675 NITEL/MTEL pensioners, while N9.48 billion represents a partial payment for PHCN pensioners. Another N5.09 billion addresses arrears for pensioners from Assurance Bank, NICON, NITEL, and People's Bank.

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Under the President’s leadership, the Directorate has successfully resolved all longstanding inherited pension liabilities, bringing lasting relief to thousands of Defined Benefit Scheme pensioners.

PTAD Executive Secretary Tolulope Odunaiya hailed the development as a major milestone under the "Renewed Hope Agenda," emphasizing the government's commitment to social protection and the well-being of senior citizens. She credited President Tinubu's "steadfast support" for restoring confidence in the Defined Benefit Scheme by resolving decades-old liabilities. The payments were made following presidential approval in August 2025, with funds provided through the 2026 Appropriation Act.

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The successful liquidation of these liabilities underscores the Federal Government’s resolve to sustain pension reforms and ensure that Defined Benefit Scheme pensioners receive their rightful entitlements in a timely manner, consistent with the objectives of the Renewed Hope Agenda.