FG Settles N39.6bn Pension Arrears for Eligible Pensioners

The Federal Government of Nigeria has successfully settled N39.6 billion in long-standing pension liabilities under the Defined Benefit Scheme. Mr.

Tolulop Odunaiya, the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), disclosed this during a visit to the Minister of Finance, Mr. Taiwo Oyedele.

The payment includes N25.05 billion for 9,675 eligible pensioners from defunct NITEL and MTEL, representing outstanding pension liabilities for 35 months. Additionally, N9.48 billion accounts for an initial 50 percent payment for 3,959 eligible pensioners from PHCN, while N5.09 billion represents the balance of 50 percent payments and pension increment arrears for 11,180 eligible pensioners from defunct Assurance Bank, NICON, and Peoples Bank of Nigeria.

This settlement follows presidential approval granted in August 2025 and is part of the 2026 Appropriation Act. The Minister of Finance emphasized the government's commitment to addressing long-standing pension obligations and ensuring fiscal responsibility.