FG Releases ₦39.63bn Pension Payment to Retirees
Federal Government disburses ₦39.63bn to pensioners under DBS scheme, settling arrears and improving welfare for thousands of retirees nationwide.
The Federal Government of Nigeria has released ₦39.63 billion to settle pension payments for thousands of retirees under the Defined Benefit Scheme (DBS), offering long-awaited financial relief across the country. The pension payment in Nigeria covers more than 24,000 eligible pensioners.
The announcement came on Friday from the Federal Ministry of Finance, which confirmed that the funds were paid through the Pension Transitional Arrangement Directorate (PTAD) under the supervision of Finance Minister Taiwo Oyedele. The payments were made following a directive to prioritise verified pension debts and improve pensioners’ welfare nationwide.
The government said the exercise has helped end years of uncertainty for many retirees. It also reflects efforts to strengthen pension administration in Nigeria while ensuring accountability in public spending.
According to the ministry, PTAD disbursed ₦25.05 billion to settle outstanding 35-month liabilities owed to 9,675 pensioners of the defunct NITEL/MTEL. It also released ₦9.48 billion, representing 50 per cent of Back-End Computation arrears for 3,959 pensioners of the former Power Holding Company of Nigeria (PHCN). In addition, ₦5.09 billion was paid as the remaining 50 per cent of pension increment arrears owed to 11,180 retirees from institutions such as Assurance Bank, NICON Insurance, NITEL, and the People’s Bank of Nigeria.
The Federal Government pension payment has been described as a major relief for beneficiaries, many of whom now have support for medical care, household needs, and daily living costs after years of delay. Officials said the payments reflect a commitment to honour public service and improve retiree welfare in Nigeria.
Minister Taiwo Oyedele stressed that every payment represents a life impacted, adding that the government will continue balancing social responsibility with fiscal discipline. He praised PTAD for efficient implementation, while reaffirming ongoing reforms in pension reform Nigeria aimed at strengthening the system.
PTAD Director-General Tolulope Odunaiya also commended the initiative, noting that the Directorate remains focused on efficient service delivery to pensioners.
The development marks another step in ongoing efforts to improve retirement benefits under the administration of President Bola Tinubu.
What further reforms could best secure timely pension payments for Nigerian retirees?
