FEDERAL GOVERNMENT SETTLES NITEL, PHCN AND BANK WORKERS’ 39 BILLION NAIRA PENSION LIABILITIES.

The Federal Government has paid over 39 billion naira in inherited pension liabilities owed to thousands of pensioners under the Defined Benefit Scheme, saying the settlement fulfils President BOLA TINUBU’S commitment to clearing longstanding pension debts.

 

The payment, announced today by the Pension Transitional Arrangement Directorate, PTAD, covers outstanding liabilities owed to pensioners of the defunct Nigerian Telecommunications Limited, NITEL Mobile Telecommunications Limited, MTEL Power Holding Company of Nigeria, Assurance Bank, NICON and the defunct People’s Bank of Nigeria.

 

The Directorate said the payment includes 25.05 billion naira for a 35-month pension liability owed to 9,675 eligible pensioners of the defunct NITEL/MTEL, 9.48 billion naira as the initial 50 per cent payment of Back End Computation arrears to 3,959 eligible PHCN pensioners, and 5.09 billion naira covering the balance of the 10.66 per cent and 12.95 per cent pension increment arrears due to 11,180 eligible pensioners of Assurance Bank, NICON, NITEL and People’s Bank.

 

Executive Secretary TOLULOPE ODUNAIYA thanked the president for what she described as his unwavering support for pension administration, saying the payment marks a major milestone in the Federal Government’s efforts to improve the welfare of pensioners under the Renewed Hope Agenda.

 

ODUNAIYA added that the President’s intervention has restored confidence in the Defined Benefit Scheme by resolving years of inherited pension liabilities.