FG Guarantees Full Settlement of Outstanding Pension Arrears – PensionNigeria

FG Guarantees Full Settlement of Outstanding Pension Arrears

The Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed, has said that the Federal Government was committed to guaranteeing the full settlement of the outstanding arrears owed to the former worker of the three remaining missing agencies.

Ahmed said this at the official final payment of unfunded inherited obligations to pensioners from defunct agencies, the Transitional Arrangements Directorate (PTAD) organized in Abuja last Tuesday.

“I am pleased to oversee the completion of the payment of outstanding obligations owed to former employees of two missing agencies, namely Nigeria Reinsurance Corporation and New Nigeria Newspapers Limited.

“Former workers from three other missing agencies will receive a significant portion of the outstanding obligations owed to them and they are NICON Insurance Corporation, Delta Steel Company Limited and NITEL / MTEL,” said Ahmed.

He said that the funds that were used to offset the liabilities were recovered pension assets held by international investment agencies.

“Some successful steps have been taken in the recovery effort and the number of Crown Agents repatriated from the UK has been the most substantial to date.”

The minister congratulated the management on the achievements and urged them to remain focused on their recovery efforts.

He also commended President Muhammadu Buhari for all his efforts and his constant support of older people.

PTAD Executive Secretary Dr. Chioma Ejikeme said 126 legacy months have been fully settled for Nigeria Reinsurance Corporation and 219 legacy months fully settled for New Nigeria Newspapers Limited.

“We will also settle a significant portion of the outstanding liabilities owed to the former worker of three other defunct agencies, NICON Insurance Corporation, Delta Steel Company Limited, and NITEL / MTEL.

“PTAD has paid the outstanding balance of pension rights owed to former employees of Savannah Sugar Company Limited, Nigeria Aviation Handling Company, Aluminum Smelter Company of Nigeria, Federal Housing Authority, Nigeria National Shipping Line and Assurance Bank,” it said.

Ejikeme assured the three missing agencies that the management was fully committed to the full settlement of the outstanding arrears owed to them.

He thanked the president, the ex officio minister, the Senate and House committees on pension and oversight committees, for their continued support.

The chairman of the Senate Committee on Establishment and Public Service, Senator Ibrahim Shekarau, urged retirees to relax as all benefits owed to them will be paid.

Source: NAN

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