FG Clears N39.6bn Pension Arrears for Retirees

The Federal Government of Nigeria has announced the clearance of N39.6 billion in long-standing pension arrears, aimed at providing relief to thousands of retirees under the defined benefit scheme. This was disclosed by Tolulop Odunaiya, the head of the Pension Transitional Arrangement Directorate (PTAD), during a statement issued on Friday in Abuja.

The payment includes N25.05 billion for 35 months of pension arrears owed to 9,675 eligible retirees from the defunct Nigerian Telecommunications Limited (NITEL) and Mobile Telecommunications Limited (MTEL). Additionally, N9.48 billion represents the first 50 percent payment of back-end computed arrears for 3,959 eligible retirees from the Power Holding Company of Nigeria (PHCN).

Furthermore, N5.09 billion has been allocated to clear the balance of pension increment arrears for 11,180 retirees from Assurance Bank and NICON Insurance. The payments are part of the government's commitment to fiscal management and restoring the dignity of pensioners, as emphasized by Minister of Finance, Taiwo Oyedele.