President Tinubu Settles Over ₦39bn Inherited Pension Liabilities Owed to NITEL/MTEL, PHCN and Other DBS Pensioners
The Federal Government, through the Pension Transitional Arrangement Directorate (PTAD), has announced the full settlement of inherited pension liabilities amounting to over ₦39 billion owed to pensioners under the Defined Benefit Scheme (DBS).
The settlement covers long-standing pension obligations owed to eligible pensioners of the defunct NITEL/MTEL, PHCN, Assurance Bank, NICON, and People’s Bank of Nigeria.
According to PTAD, the payment was made in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Federal Government’s commitment to resolving outstanding pension liabilities and improving the welfare of senior citizens.
Breakdown of the Settled Pension Liabilities
PTAD disclosed that the Federal Government successfully settled the following pension liabilities:
INSERT TABLE
| Category of Pensioners | Amount Paid | Number of Beneficiaries | Details |
|---|---|---|---|
| Defunct NITEL/MTEL DBS Pensioners | ₦25,053,703,604.12 | 9,675 | Outstanding 35-month pension liability |
| PHCN DBS Pensioners | ₦9,481,886,576.53 | 3,959 | Initial 50% payment of Back End Computation arrears |
| Assurance Bank, NICON, NITEL and People’s Bank DBS Pensioners | ₦5,094,784,054.27 | 11,180 | 50% balance payment of 10.66% and 12.95% pension increment arrears |
In total, the payments bring significant relief to thousands of DBS pensioners who had been waiting for the settlement of their entitlements.
PTAD Says Payments Followed Presidential Approval
The Executive Secretary of PTAD, Tolulope Odunaiya, stated that the settlements were made possible after Presidential approval was granted to the Directorate in August 2025. The required funding was subsequently appropriated under the 2026 Appropriation Act.
She noted that the successful liquidation of the liabilities demonstrates the Federal Government’s resolve to sustain pension reforms and ensure that DBS pensioners receive their rightful entitlements in a timely manner.
Renewed Commitment to DBS Pensioners
PTAD described the payments as a major milestone in the Federal Government’s efforts to safeguard the welfare, dignity and well-being of pensioners under the Defined Benefit Scheme.
The Directorate also appreciated affected pensioners for their patience and confidence while the liabilities remained outstanding, reaffirming its commitment to efficient, transparent and pensioner-centred service delivery.
The latest development is expected to strengthen confidence in DBS pension administration and provide relief to pensioners affected by the long-standing unpaid liabilities.
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