Federal Government, through the Pension Transitional Arrangement Directorate (PTAD) has disbursed N39.63 billion to clear outstanding pension liabilities for 24,814 eligible retirees under the Defined Benefit Scheme (DBS).

PTAD completed the disbursement following a directive from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

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Confirming the development, the Ministry of Finance, in a statement issued, Friday, signed by Efe Ovuakporie, its Head of Information and Public Relations, said the payments have ended many years of anxious waiting and brought relief for thousands of retirees.

Speaking, Oyedele said the payment reflected the administration’s determination to ensure that retired public servants receive the benefits they earned through decades of dedicated service.

“A nation that values service must also honour those who gave their productive years in its service. This payment is about people, not just figures.

“It is about restoring confidence, rewarding sacrifice, and giving thousands of pensioners and their families the reassurance that they have not been forgotten,” Oyedele stated.

The Minister explained that the disbursement covered three categories of outstanding pension obligations that had accumulated over the years.

Oracle Intelligence recalls that, Thursday, the Finance minister held a meeting with the Executive Secretary PTAD, Tolulope Odunaiya, for a briefing on the successful settlement of longstanding pension liabilities under the Defined Benefit Scheme (DBS).

According to information posted on the ministry’s X handle, during the meeting, the PTAD Executive Secretary highlighted the Federal Government’s liquidation of over N39.6 billion in outstanding pension obligations, including the settlement of the 35-month pension liability owed to eligible pensioners of the defunct NITEL/MTEL, the initial payment of Back End Computation arrears to eligible PHCN pensioners, and the balance payment of pension increment arrears due to pensioners of the defunct Assurance Bank, NICON, NITEL, and People’s Bank of Nigeria.

The information said the Minister commended PTAD’s commitment to transparent and efficient pension administration, noting that the successful resolution of these inherited liabilities reflects the Federal Government’s unwavering dedication to improving the welfare of pensioners and ensuring that senior citizens receive their rightful entitlements.