Nigerian pensioners association hails Tinubu for clearing N39bn liabilities

The Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) has lauded President Bola Tinubu's administration for authorizing the settlement of over N39 billion in inherited pension liabilities. This significant financial intervention aims to clear outstanding Defined Benefit Scheme (DBS) obligations, with a substantial portion dedicated to 9,675 former NITEL/MTEL pensioners.

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a landmark demonstration of the Federal Government’s commitment to restoring the dignity, welfare and financial security of thousands of retirees whose pension entitlements had been unpaid for years.

FEPPPAN described the move as a "landmark demonstration" of the government's commitment to restoring the dignity and financial security of retirees. The association highlighted that the over N39 billion settlement encompasses N25.05 billion for the 35-month pension arrears of NITEL/MTEL pensioners, N9.48 billion as the first tranche for PHCN pensioners' Back End Computation (BEC) arrears, and N5.09 billion for the outstanding pension increment arrears of defunct banks and entities like Assurance Bank and NICON.

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a clear demonstration of the President’s commitment to the welfare of pensioners under the Renewed Hope Agenda and a significant step towards restoring the dignity, confidence and financial security of retirees who devoted the greater part of their productive years to the service of the nation.

The association specifically commended the Pension Transitional Arrangement Directorate (PTAD) for its "professionalism" in verifying beneficiaries, computing entitlements, and ensuring a "seamless disbursement." FEPPPAN also acknowledged the collaborative efforts of the National Assembly, the Federal Ministry of Finance, the Budget Office of the Federation, and the Office of the Accountant-General of the Federation in realizing this presidential approval. The intervention is seen as a fulfillment of government obligations and a restoration of hope for thousands of families.

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represents not only the liquidation of inherited financial liabilities but also the restoration of hope to thousands of retirees and their families who had patiently awaited the fulfilment of government’s obligations.